• The European Union has reproached a number of its members over inadequate moves to tackle their soaring debts.
• Germany, France, Spain, Italy and the Netherlands all came in for criticism in a report issued by the European Commission on Wednesday for using overly “optimistic” growth forecasts to cut debt levels to the EU limit of three per cent of Gross Domestic Product (GDP).
• The bloc’s executive arm also said that predictions and commitments given by a “majority” of 14 nations whose deficits are causing concern in Brussels were seen as likely to fall short.
• Among them was Britain, which was told to do more to cut its budget deficit, currently as high as that of Greece.

(ashes, ashes..we all fall down!)