"I will provide my arguments for sanctions on Spain not to be imposed, for sanctions to be zero. Every day, I am getting more convinced that there will be zero sanctions… It would be unreasonable to impose sanctions on Spain," he told journalists before a Eurogroup meeting in Brussels.
He stressed that Spain had faced economic difficulties in the past but at the moment, the country's economy was growing.
"We contribute to the growth of the EU economy," he stressed.
According to the EU Commission, Spain's 5.1-percent of GDP deficit last year was well above the targeted 4.2 percent, while Portugal missed its 2.5-percent target, registering a 4.4-percent deficit.
Spain is among the EU countries that were hit hardest by the aftereffects of the 2007-2008 economic crisis.