MNI BRIEF: EU Ministers To Hold Extra Meeting For Fiscal Rules

European finance ministers will hold an extra meeting in late November to try to hammer out a deal on new fiscal rules, Spanish Economy Minister Nadia Calvino said on Thursday after the conclusion of the meeting already scheduled for this month.

The aim of the additional meeting, convoked by Spain as holder of the EU’s rotating presidency, will be to agree a “general approach” at the December ECOFIN, allowing the European Parliament to start work on legislation to enact new rules in time to conclude it before the EU elections in June, Calvino said. (See MNI: Hopes Rise In Dash For EU Fiscal Rule Deal By Year End)

Sufficient progress was made at today’s meeting of finance ministers to enable a draft legal text to be drawn up, to be circulated in the coming days, she said, pointing to talks between the French and German finance ministers in recent days as “extremely helpful”.

However, other officials noted that the rapprochement between France and Germany has not been wholly welcomed. Italy is said to be unhappy with the concessions made to Germany in the latest landing zone proposal, which call for more far-reaching and automatic longer-term cuts in deficits and debt.

Italian officials believe that such concessions undermines the simplicity and the tailor-made approach which was the essence of the European Commission’s April proposal for revised fiscal rules.