Gonna find out who's naughty or nice

Olli Rehn is coming to town (Brussels) and is making a list;

Single currency states felt the long arm of the European Commission stretch into national affairs on Friday, as the Brussels executive published in-depth reviews of their draft 2014 budgets.

Just two euro states - Estonia and Germany - were give the all clear, while five were warned they are close to breaking the single currency's rules.

EU economic affairs commissioner Olli Rehn described the first ever use of new economic governance rules, which require euro countries to submit their budgets for review in the EU capital each October, as a "milestone."

"We have made sure that member states practised what they preached," he said on euro rules which limit public debt and deficit.

Then there are those darned Etruscans;

But the assessment is likely to be met with annoyance in at least one member state - Italy.

The country was told that it would be unable to exempt the public funds it uses for investment from counting up its debt, a clause it had been hoping to take advantage of.

Rehn had little sympathy for the argument that the setback comes as at sensitive time in Italian politics, with the country trying to stabilise itself after months of politically uncertainty.

"Every day this year has been a politically sensitive moment in Italy," the commissioner said.