MNI BRIEF: EU Budget Commissioner: Fiscal Rules Deal Closer

A deal on EU fiscal rules is “not so far away”, EU Budget Commissioner Johannes Hahn said Thursday, noting that the EC’s proposal for reform which was issued in April was “something that could be supported” by all countries.

“We ask that debt reduction is indispensable but it also needs to be tailor-made,” he said, adding that the “Commission has to be tougher than in the past if the debt-reduction path is not respected measures have to be taken.” EU finance ministers are due to meet for a crunch meeting on the issue on December 8. (MNI: Spain's EU Presidency Working On New Fiscal Rules Draft)

Responding to a question about the possibility of issuing EU Defence Bonds, as mooted by the President of the European Council Charles Michel, Hahn said that such an initiative might require a treaty change, which would be a “challenge” in the current environment. While such bonds could be a “great idea”, he cautioned that the ”current legal framework is not sufficient for these ideas to be implemented”.