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MNI: Multi-Year Fiscal Plans For EU States Delayed Until Autumn- Officials

MNI looks at the timetables for the EU's upcoming Excessive Deficit Procedures and fiscal plans.

Excessive Deficit Procedures to be announced against around a dozen European Union member states by as soon as Wednesday will only be followed by detailed requirements for fiscal adjustments in the late autumn, delaying the worst political impact by several months, EU official told MNI.

The delay, which is a departure from previous practice for simultaneous announcements, comes as it remains unclear how the EDPs will work in combination with the long-term fiscal adjustments which are being introduced under the EU’s recently-agreed revision of its fiscal rules.  It will provide welcome relief to French President Emmanuel Macron, whose centrist Renaissance party is campaigning for National Assembly elections on June 30 and July 7, and which is trailing both the far right and a united left bloc in opinion polls.

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Excessive Deficit Procedures to be announced against around a dozen European Union member states by as soon as Wednesday will only be followed by detailed requirements for fiscal adjustments in the late autumn, delaying the worst political impact by several months, EU official told MNI.

The delay, which is a departure from previous practice for simultaneous announcements, comes as it remains unclear how the EDPs will work in combination with the long-term fiscal adjustments which are being introduced under the EU’s recently-agreed revision of its fiscal rules.  It will provide welcome relief to French President Emmanuel Macron, whose centrist Renaissance party is campaigning for National Assembly elections on June 30 and July 7, and which is trailing both the far right and a united left bloc in opinion polls.

Keep reading...Show less