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MNI: EU Fiscal Reform Proposal Seen As Lax By Hawks-Officials

More fiscally conservative states see European Commission proposals for fiscal rule reform go to easy on over-indebted governments.

European Commission proposals for reforming the European Union’s fiscal rules have met with scepticism from Germany and other fiscally hawkish states, which want more concrete details of its assessment procedures and more aggressive timetables for pushing over-indebted governments towards sustainable financial positions, EU officials told MNI.

While the Commission is still likely to get most of what it proposed in its Nov 9 ‘Orientation Paper’, including a bigger and wider-ranging role for itself in assessing national fiscal plans, officials said work over the coming months would focus on the practicalities of how it would move states with a “substantial debt challenge” into the “moderate debt challenge” group within a reasonable timeline.

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European Commission proposals for reforming the European Union’s fiscal rules have met with scepticism from Germany and other fiscally hawkish states, which want more concrete details of its assessment procedures and more aggressive timetables for pushing over-indebted governments towards sustainable financial positions, EU officials told MNI.

While the Commission is still likely to get most of what it proposed in its Nov 9 ‘Orientation Paper’, including a bigger and wider-ranging role for itself in assessing national fiscal plans, officials said work over the coming months would focus on the practicalities of how it would move states with a “substantial debt challenge” into the “moderate debt challenge” group within a reasonable timeline.

Keep reading...Show less