Spain and Slovenia face "excessive imbalances" in their economies than other eleven European countries, the European Commission warned on Wednesday.
In a report published on Wednesday, after an in-depth review of 13 EU countries, the commission said the very high domestic and external debt continue to pose serious risks for Spanish growth and financial stability.
In Slovenia, risks for financial stability emanate from substantial corporate indebtedness and deleveraging. The EU called for urgent policy action to halt the rapid built-up of imbalances and to manage their unwinding.
At the same time, EU said imbalances are not found to be excessive in Belgium, Bulgaria, Denmark, France, Italy, Hungary, Malta, the Netherlands, Finland, Sweden and the United Kingdom.
For Cyprus, which was also selected for an in-depth review in the Alert Mechanism Report, no in-depth review is published.
The review was conducted on 13 nations after the Alert Mechanism Report published on November 28 said the initial screening tool suggests further analysis is warranted to determine whether there is any imbalances or excessive imbalances.
"Decisive policy action by Member States and at EU-level is helping to rebalance the European economy," said Olli Rehn, Commission Vice-President for Economic and Monetary Affairs and the Euro.
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