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MNI BRIEF: EU Needs Flexible Debt Adjustment Rules - Villeroy

(MNI) LONDON
FRANKFURT (MNI)

Europe needs "credible but flexible" fiscal rules, the governor of the Central Bank of France said in a speech Friday, as he advocated keeping the 3% deficit rule and 60% of GDP debt ceiling, while jettisoning the 1/20 rule of yearly adjustment towards it in favour of country-specific targets.

"The revised rules, without changing the Treaty, should be based on a long-term debt trajectory and on a single operational target, namely a ceiling on the growth rate of public expenditure," François Villeroy de Galhau said, highlighting too the risk outside France of bank-sovereign loop. MNI has reported that France would like to see Covid-related debts to be excluded from any reordered fiscal rules.
MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Policy NewsCentral Bank NewsEuropean Central BankEmailGovernment sectorFiscalCEEMEAEurozoneFranceBriefStoryRegion
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MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Policy NewsCentral Bank NewsEuropean Central BankEmailGovernment sectorFiscalCEEMEAEurozoneFranceBriefStoryRegion
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