(Bloomberg) — France and Italy were reprimanded by the European Union for running big deficits, the first stage in a confrontation that will test the bloc’s resolve and could in theory prompt billions of euros in fines.
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The announcement by the European Commission on Wednesday is all the more consequential with French legislative elections looming that have rattled investors on the prospect that a winner from either the far-right or the left will only further bloat the country’s public finances.
In total, seven nations newly face censure by officials for running…