MNI BRIEF: Gentiloni: Fiscal Rules Plan Just One Landing Zone

The European Commission’s proposal for reform of the EU’s fiscal rules is “one possible landing zone” but other compromises could emerge, EU Economy Commissioner Paulo Gentiloni said Friday.

Gentiloni said that the EC would contribute to other possible compromises in the weeks and months ahead, but defended the latest proposal, which he said was “balanced” and noted that it had been criticised by both Germany and the frugal states on the one hand and southern countries on the other. He added that had not been easy to reach, given that the Commission itself is not a “military” institution. It is well known that Gentiloni and EC Vice President Valdis Dombrovskis have had strong disagreements on the fiscal rules reform in recent years. (MNI:EU In Fiscal Reform Race Before Old Rules Return-Officials)

The Commission’s proposal will not be discussed formally at this weekend’s meeting of EU finance ministers in Stockholm but Gentiloni said he was sure it would be discussed on the sidelines of the talks. EU officials are due to start poring over the details of the Commission’s plan early next week and finance ministers will hold their first discussion on it in mid-June.