The European Commission says France, Italy and Belgium need to tighten their belts and show results by March or face penalties.
London's benchmark FTSE 100 opened down 0.29 per cent at 6,703.92 points, while Frankfurt's DAX 30 index rose 0.16 per cent to 9,990.70 points.
Iron ore miner Fortescue has cut its expenditure forecast for the current year in half as iron ore prices remain weak.
A preview of next week's Australian economic data, December 1 to 5
Finance Week for Nov 30 - Dec 6
A round-up of some of the key stock movements on the Australian Stock Exchange (ASX) in the trading week to Friday, Nov 28, 2014:
Falling oil prices and a stronger US dollar have pushed the Australian dollar below 85 US cents.
The head of Coles owner Wesfarmers says local executive pay packets need to be considered in relation to foreign and private companies.
Japan is grappling with more lacklustre economic data, with consumer inflation coming in at 2.9 per cent in October compared with a year earlier.
The share market has suffered steep falls after the energy sector was hit by a diving oil price.
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