However, most EU countries exceed these limits as two years of the COVID-19 pandemic and the energy price crisis have both required massive government spending.Īs a result, the Commission and EU governments are discussing changes to the framework that would take into account big differences in debt levels and economic growth among EU countries while guaranteeing equal treatment. “It may be challenging but… the Spanish Presidency is committed to this timeframe and just today we outlined the way to do it, the fiscal ‘camino’,” European Commission Vice-President Valdis Dombrovskis told a news conference.ĭombrovskis was referring to the “camino de Santiago” or Saint James’s way, a famous Catholic pilgrimage to the shrine of the apostle James in the cathedral of Santiago de Compostela - the city in north-western Spain where the talks took place.ĮU fiscal rules underpin the value of the euro used by 20 countries and set a limit on budget deficits of 3% of GDP and a public debt limit of 60% of GDP. SANTIAGO DE COMPOSTELA, Spain (Reuters) – European Union finance ministers on Saturday backed a timeline calling for the reform of the bloc’s fiscal rules by the end of the year as they look to balance debt cuts with investing in an individually tailored yet equal way.
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