EU demands tough reforms but gives France, Spain extra time

BRUSSELS: The European Commission laid down its economic targets Wednesday for EU nations desperately seeking growth and jobs in the fallout from the debt crisis but gave France and Spain extra time in return for deeper reforms.

The debt crisis has seen Brussels gain additional powers to ensure EU member states toe the line to avoid future trouble -- just as well, when 20 of the 27 were under surveillance for breaching the bloc's public deficit and debt limits, respectively at three percent and 60 percent of gross domestic product (GDP).