The European Union has launched an excessive deficit procedure against France and Italy. What does this mean? Will it have a significant impact on these countries and on Europe as a whole? What are the implications for Spain? This short video aims to answer these questions. It is particularly important to be aware of the implications of this issue at a time when markets have serious doubts about the fiscal sustainability of the main geographical blocs of the advanced world. Close monitoring is essential to better anticipate potential hidden risks, such as the possibility of another serious sovereign debt crisis like the one Europe experienced just over a decade ago.