fiscalreform
The European Commission will later today (19 June) unveil an economic package focused on the members it sees as having excessively high budget deficits, a move likely to have explosive political consequences. Brussels’ fiscal rules were designed to ensure the euro’s stability – and gained extra prominence when a crisis in Greece and Cyprus sent the currency into a tailspin around a decade ago. They were suspended when Covid-19 made large government spending packages the norm – but, after much wrangling, a more flexible version of the rules was agreed earlier this year. Under the EU’s treaty, c...
Euronews (English)
New EU fiscal rules entered into force on 30 April – but what are the next steps? By 21 June, the Commission will provide technical guidance to member states. It will also decide whether to launch its corrective instrument, the excessive deficit procedure (EDP), for each country. So far, only Romania has an ongoing EDP, but more member states could soon follow. Even those that have seen an increase in public spending driven by a surge in defence investments, although this will be a relevant factor to be taken into account when deciding whether to open an EDP. Following the Commission's technic...
Euronews (English)
MEPs today (23 April) formally approved new fiscal rules for the EU, brushing aside opposition from trade unions and civil society organisations who fear a return to the austerity era of reduced public spending. The revision was approved 359-166 with 61 abstentions, after several years in which strict Brussels budget controls were largely abandoned due to the pandemic. "This reform constitutes a fresh start and a return to fiscal responsibility at the same time,” Markus Ferber (Germany/European People’s Party), one of the MEPs who led work on the new laws, said ahead of the vote, adding that t...
Euronews (English)
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