Spain has taken effective action to address its budget deficits in 2012 and 2013, the European Union's top economics official said on Wednesday, signalling there will be no further escalation of disciplinary budget steps against Madrid. "Progress is being made, even if the situation faced by many Spaniards remains very difficult," EU Economic and Monetary Affairs Commissioner Olli Rehn told reporters. In July, EU finance ministers gave Spain one extra year, until 2014, to bring its budget deficit below 3 percent under the EU's excessive deficit procedure, which can end up in fines if a country ignores the ... (full story)