This is the best summary I could come up with:

BRUSSELS ― The European Commission will Wednesday rebuke the governments of France and Italy for spending too much, EU officials have told POLITICO.

They are among seven EU countries that will officially be reproached after the Commission reintroduced debt and deficit rules that were frozen to allow public spending to soften the economic blow of the Covid-19 pandemic.

The announcement comes as the far-right National Rally (RN) is campaigning to lead the French government after President Emmanuel Macron called a snap election.

If RN wins, the EU action could serve to constrain its spending plans that mixes tax cuts and protectionism.

France and the other countries have to present a roadmap to the Commission in the fall setting out how they aim to get their budgets back in line.

The so-called Excessive Deficit Procedure (EDP) is designed to rein in spending in countries exceeding the EU’s 3 percent GDP-deficit ratio.

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