BRUSSELS Nov 14 EU Economic and Monetary
Affairs Commissioner Olli Rehn will make a statement on Spain on
Wednesday afternoon that will be related to the European Union's
excessive deficit procedure (EDP) for the country, an EU
Under EU budget rules, when a national budget deficit is
bigger than 3 percent of gross domestic product, EU finance
ministers ask the country to reduce it below that threshold by a
The EU executive, the European Commission, recommends to the
ministers the pace of deficit reduction and checks if the
country fulfils the recommendations approved by EU finance
If a country does not comply, it can be fined.
Rehn is to make his statement at about 1515 GMT.