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EU Commission Executive Vice President Valdis Dombrovskis said Tuesday that legislative changes would be a "challenge" before January 2023, when the escape clause from the current Stability Pact expires. The comment will reinforce expectations that reform of the EU fiscal rules will not be far-reaching. Dombrovskis suggested merely interpretative changes could be the more practical way to go:

"Another possibility would be for the Commission to come with an interpretative communication, which could be in place by 2023," he added.

Gentiloni said that the Commission could make its actual proposals for reform of the fiscal rules in the first half of next year.