Financial Digest

Commission proposes changes to EU's debt rules

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Today's communication from the European Commission is seen as an acknowledgement that the austerity and debt rules associated with the financial and euro crises of ten years ago were no longer fit for purpose.

The new measures will form part of the eagerly awaited overhaul of the EU's fiscal and debt rules.

The Commission proposal kicks off a process to reform the so-called Stability and Growth Pact , which aims to manage member states' debt and deficit situations. The overhaul of the SGP comes following a consultation period involving national capitals, EU institutions, citizens groups and academics. The four years could be extended to seven, if the extra time was justified by investment and reforms.

Today's communication, which is not yet a legislative proposal, would have"more ownership and is more realistic," one official said.

 

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