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EU Economic Affairs Commissioner Paolo Gentiloni said today that the Commission would launch its consultation on reform of the Stability and Growth pact in coming weeks and would aim to make a proposal for reform of the EU's fiscal rules in the months following. Gentiloni made the comments at a press conference with Irish Finance Minister and Eurogroup Chair Paschal Donohoe in Dublin today.

"We will reopen the public consultations on the Stability and Growth Pact in the next few weeks, with the intention of wrapping up this discussion in the next months and coming with a proposal of the Commission," Gentiloni said, confirming an MNI story published last week (MNI: EU's Officials Plan Debt Pact Review As Hawks Soften).

The commissioner urged Euro Zone finance ministers to approach the discussion with a "forward-looking attitude."