Public Finances in the EU

A new report by the European Commission has painted a bleak picture of what is to come. Deficits in nearly all EU countries. And that is coupled with GDP growth forecasts that are oddly lagging by 3-4 months. In other words, the picture will be bleaker.

France reported last week that the deficit is expected to be 7% of GDP. This report says 6.6%. Not too far off.

Reading the report, one thought comes to mind: European citizens may expect higher taxes soon.