EU says Spain taking right steps to cut deficit

(MENAFN- Kuwait News Agency (KUNA)) EU economic and monetary affairs commissioner Olli Rehn Wednesday declared that Spain has taken "effective action" to reduce budget deficit for the years 2012 and 2013 and that it was on the right track. "Spain has adopted sizeable measures of fiscal consolidation to restore confidence to its public finances and these measures amount to around 5 percent of GDP in 2012 and to 2 percent of GDP in 2013," he told reporters in Brussels. He said "no further steps in the excessive deficit procedure of Spain are needed at present." However, the measures announced so far for 2014 fall short of what is required, added Rehn.