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Italy, Spain, Belgium, Portugal, Finland, Cyprus and Lithuania have all been told to get their financial acts together or face sanctions for breaking EU rules. Concerns over crisis-torn

Italy’s budget plans have been well publicised after prime minister Matteo Renzi clashed with EU chiefs. He has proposed cutting his country’s budget deficit to 2.3 per cent for 2017 instead

of the 1.8 percent limit the European Commission had demanded. EUROZONE BUSINESS ACTIVITY IMPROVES IN OCTOBER GETTY Italian PM Matteo Renzi has criticised Brussels for trying to block his

country's budget > We want to address the needs of Italian citizens, not Brussels > technocracy >  > Italian PM Matteo Renzi A defiant Mr Renzi said: “I certainly will not

let some European technocrat tell me that I cannot restructure schools because you cannot call stability into question. "We want to address the needs of Italian citizens, not Brussels

technocracy." Italy is a real headache for eurozone chiefs as it is saddled with huge debts - the second largest in the EU after Greece - which look set to keep rising next year.  Spain

and Portugal have similar issues and their budget projections have also come under extra scrutiny after their repeated failures to meet EU debt rules. GETTY The European Central Bank

headquarters in Frankfurt Members states who use the euro as their currency have to submit their draft budgetary plans to the European Commission every year.  Commissioners then assess the

plans to make sure economic policy among the countries sharing the euro is co-ordinated and they all respect the EU’s economic governance rules.  The draft budgetary plans are graded as

either compliant, partially compliant or at risk of non-compliance. Those countries that fall short are initially contacted for more information on their plans. GETTY Eurozone countries have

to submit their annual budget proposals to Brussels A spokeswoman said the Commission would not comment on countries' draft budgets at this stage. She said: “Any exchanges, whatever

form they may take, or indeed opinions of the Commission are meant to inform national decision-making processes over the budgets before they enter into force.”