President Francois Hollande had warned Brussels not to disclose any financial information to France four months ago. In the next few weeks, the European Commission would do a new era of financial surveillance that would lead to a rigid fiscal scrutiny in Europe.
The European Commission along with its executives would now implement the rule over the budget plans for the 17 countries in the euro zone before approval by national parliaments. This had been the Commission's one of the most far-reaching responses to the debt crisis in the region.
EU aimed to a raise a red flag over the debt crisis in the region and to prevent any repeated occurrences of financial turmoil which had already happened in the past four years. This was because countries had lived far beyond their financial means.
The Commission would have the right to send back any budget plan once it sees that the plan do not make the grade. Countries could ignore the advice of the Commission however it could face tough, rapidly imposed sactions.
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