European Union Economic and Monetary Affairs Commissioner Jyrki Katainen addresses a news conference at the EU Commission headquarters in Brussels October 29, 2014. REUTERS/Francois Lenoir
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The European Union said no nation had broken EU budget rules by a big enough margin to warrant immediate action, a move that gives France and Italy more time to win approval for their draft spending plans.The EU will release its budget opinions next month, ahead of a Nov. 30 deadline.France and Italy, the euro area's second- and third-largest economies, were among five countries the commission last week asked for more information about 2015 spending plans. The EU's executive arm has the authority to reject a national government's budget and demand revisions if it considers there is a significant risk of breaching debt and deficit rules – a power the commission acquired last year. The EU also last week requested more details from Malta.
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