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MNI: Spain's EU Presidency Working On New Fiscal Rules Draft

(MNI) Brussels

Time is running out for a deal that could be approved before next year's European parliamentary elections.

The European Union’s rotating presidency is working on a new landing zone proposal for a reformed fiscal rules regime for the bloc following a messy meeting on Monday night of sherpas charged with preparing the ground for a political compromise ahead of a crunch Dec 8 meeting of finance ministers, officials told MNI.

A political deal is still possible at the December meeting, even if this is only a “progress report”, though time is running out to ready a finalised legal text by then, they said, making it more likely new rules on borrowing will only be finally approved by the new European parliament after mid-year elections.

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The European Union’s rotating presidency is working on a new landing zone proposal for a reformed fiscal rules regime for the bloc following a messy meeting on Monday night of sherpas charged with preparing the ground for a political compromise ahead of a crunch Dec 8 meeting of finance ministers, officials told MNI.

A political deal is still possible at the December meeting, even if this is only a “progress report”, though time is running out to ready a finalised legal text by then, they said, making it more likely new rules on borrowing will only be finally approved by the new European parliament after mid-year elections.

Keep reading...Show less