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MNI BRIEF: New EU Debt Rules To Allow Greater Leeway-Gentiloni

(MNI) Brussels

Proposed changes to the European Union’s rules on debt would allow member states greater leeway to return their borrowing to permitted levels if necessary, but would also be enforced more rigorously, European Economy Commissioner Paolo Gentiloni said in a speech on Monday.

The changes to the Stability and Growth Pact rules to be proposed by the Commission would also require member states to produce medium-term macro-fiscal plans including commitments to investment and economic reform, Gentiloni said, confirming officials comments reported by MNI on Sept. 29. (See MNI: Commission Favours More Time To Cut Debt- EU Officials)

Quick agreement on the proposals could send a “strong and reassuring message” to financial markets, the commissioner said, noting that the European Central Bank had pegged deployment of its Transmission Protection Instrument to compliance with EU fiscal rules.

MNI Brussels Bureau |
MNI Brussels Bureau |

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