European Commission 7 May 2015, Recommendation for a COUNCIL DECISION imposing a fine on Spain for manipulation of deficit data in the Autonomous Community of Valencia

EUROPEAN COMMISSION Brussels, 7.5.2015 COM(2015) 209 final Recommendation for a COUNCIL DECISION imposing a fine on Spain for manipulation of deficit data in the Autonomous Community of Valencia EXPLANATORY MEMORANDUM 1.Background to the recommendation According to Article 126(1) of the Treaty on the Functioning of the European Union (TFEU), Member States shall avoid excessive government deficits.