EU Singles Out 12 Countries in Need of Economic Reform

France, Spain, Italy, and the U.K. are among a dozen states whose economies are particularly exposed to global shocks.

The European Union has unveiled a list of 12 member countries whose economies are at the greatest risk of being battered by the trials and tribulations of the global economy. The 12 countries don't include the four countries already receiving aid from the EU – Portugal, Ireland, Greece, and Romania – but have been grouped together due to systemic problems that have contributed to their persistently weak economies. And they are: France, Italy, the U.K., Sweden, Denmark, Belgium, Finland, Cyprus, Spain, Slovenia, Bulgaria and Hungary. That leaves just 10 countries in the EU whose fundamentals are relatively sound – Germany, the Netherlands, Luxembourg, Austria, Poland, Czech Republic, Slovakia, Estonia, Latvia, and Lithuania. The countries on the list will have to make serious efforts to confront issues plaguing their respective countries, whether it be housing bubbles, systemic deficits, unemployment, or unsustainable levels of debt, or else they could face fines... which really ought to help with those deficits.