Eurozone countries, including Belgium, will be spared sanctions including fines the Commission can impose on countries that fail to abide by its budget and debt guidelines.
Even so, European economic and financial affairs, taxation and customs Commissioner Pierre Moscovici has given three member states - Belgium, Finland and Italy - a reprimand.
All three countries have failed to bring down their structural debt levels enough in time to meet the executive's guidelines.
The Commission has the right to punish countries that don't abide by its guidelines but "after having analysed the relevant factors" it has decided not to, at least for the time being.
Moscovici said that Belgium, Finland and Italy will be given a second chance to show that things are on track again in November.
Spain and Portugal were also given more time, Portugal until the end of the year and Spain until next year.
Fellow Eurozone members Malta and Slovakia and non-Eurozone Hungary were warned to keep a close eye on their finances.
Ireland, Cyprus and Slovenia, however, are no longer in the danger zone.
The level of public debt in the Eurozone has fallen considerably since it reached its peak during the financial crisis of 2010.
Meanwhile, it has emerged that inflation in Belgium is the highest in the EU for the sixth consecutive month. The April inflation figure of 1.5 per cent is the highest of the 28 member states, according to EU statistics' office, Eurostat.
The consumer price index in Belgium (the definition of inflation used by Eurostat) rose by 1.5 per cent in April, down from +1.6 per cent in March.
Sweden saw the second biggest April rise (+one per cent). Lithuania and Malta were joint third (+0.8 per cent).
In the EU as a whole, the consumer price index fell by 0.2 per cent.
The countries with the most pronounced negative inflation were Romania (-2.6 per cent), Bulgaria (-2.5 per cent) and Cyprus (-2.1 per cent).