EU member states on Friday endorsed findings that seven of the 27 member states have excessive budget deficits, kick-starting a formal procedure intended to reduce borrowing. The member states green-lit a European Commission recommendation to begin procedures concerning government deficits that are too large – and thus take on too much new debt – in Belgium, France, Italy, Hungary, Malta, Poland and Slovakia. The purpose of excessive deficit procedures is to get member states to get a grip on their budgets. In theory, the procedures can lead to costly penalties, but this has never actually hap…