Five European member countries exceeded the maximum budget deficit allowed by the EU.

France, Spain, Great Britain, Greece, and Ireland have reached levels of budget deficit higher than 3% of GDP for 2008, the European Commission (EC) reported.

The EC will demand those countries to return the money into their budgets. Otherwise they risk Euro Zone's stability. Recommendations are yet to be submitted for approval from European Union finance ministers.

"To limit the costs of the debt for generations present and future, it is crucial that governments ... commit to correct public deficits from the moment the economy starts to recover, which is expected to happen gradually in 2010", Economic Affairs Commissioner, Joaquin Almunia, said.

The Commission has said it would follow EU rules in starting disciplinary steps against countries exceeding the 3 percent limit, but would be flexible in setting deadlines for reining in the gaps because of the severity of the crisis.

According to the UK government the money can be returned without risk until 2013-2014 at earliest. Greece promised budget deficit to fall under 3% of GDP in 2010. Ireland, France, and Spain have put 2012 as a deadline.

National Budget deficits of most countries have started increasing due to the financial crisis, which has led to fall in taxes income, and growth in social spending on the other hand.

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