The European Commission postponed until March its decisions on whether the 2015 budgets of France, Italy and Belgium break EU rules, saying it needed more information to be sure.

Available data indicates that the Commission could slap a fine of up to 4.2 billion euros ($5.2 billion) on France for falling well short of its deficit-cutting obligations and put Italy and Belgium under a disciplinary process over their debt.

The Commission assesses draft national budgets of the euro zone countries under powers it gained last year to ensure that draft plans are in line with EU agreements.  

It agreed to postpone its judgments on the three countries' fiscal policies for another three months after each sent letters pledging reforms and further consolidation if necessary.

This will also allow the EU executive to use final 2014 data in its assessment, rather than approximations, and see if the pledged reforms are indeed being implemented.

EU Economic Affairs Commissioner Pierre Moscovici warned however the three should not waste time.

"We did not want to take precipitous decisions that might have been disputed once the final data became known," he told a news conference.

"We wanted to give ourselves the time to listen and adjust our approach. This was important both politically and economically. But we have to be clear - the time available must not be lost. During this time we must make progress," he said.

The French letter contained reform plans with dates of planned votes on them in the French parliament, Moscovici said.

The Commission also said the budgets of Spain, Malta, Austria and Portugal risked breaking EU laws, but it did not set a review date, just a call for steps to stay within the rules.

The budgets of Estonia, Latvia, Slovenia and Finland were found to be broadly in line with the rules and those of Germany, Ireland, Luxembourg, the Netherlands and Slovakia fully in line.

France is in the firing line because it has already missed one extended deadline to cut its budget deficit and has said it will miss another.

"The Draft Budgetary Plan of France is at risk of non-compliance with the provisions of the Stability and Growth Pact (SGP)," the Commission said in a statement.

"The Commission therefore invites the authorities to take the necessary measures ... to ensure that the 2015 budget will be compliant with the SGP," it said.

France is already under an EU disciplinary procedure and would face a fine if the Commission decided in March it had not taken the steps that a Council of EU finance ministers asked for in June 2013.

Valdis Dombrovskis, Commission Vice President for the euro, told the news conference this option was still open, but the Commission would first look at French progress in promised reforms.

"The information available so far indicates that France has not taken effective action for 2014 at this stage," the Commission said.