EU budget clearance for France and Italy comes with an asterisk

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The European commissioner for economic and monetary affairs accepted revised French and Italian budget plans but warned of close scrutiny.

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A day after giving France and Italy a provisional pass on their budget plans for next year, a top European Union official warned on Wednesday that those countries could still face disciplinary action for violating the bloc’s fiscal rules if the revised budgets did not pass muster, reports The New York Times.