The European Commission could threaten France, Italy and Belgium, among other EU member states, on Wednesday, with legal action over their accumulation of excessive new debt. The EU executive arm expects multiple EU countries to breach regulations on budget deficits and national debt levels, according to an economic forecast published in May. As well as a decision on excessive new debt levels, the commission is also expected to make a proposal to design the European Union’s budget for 2025. The EU decided to suspend the debt and deficit regulations in the economic fallout of the Covid-19 pande…