Portugal considers it “urgent and fundamental” to review EU budget rules
“Here at the Eurogroup and at Ecofin, another very important issue for economic recovery is contested, which are the European Union’s budgetary rules. Portugal understands that it is urgent and fundamental to review the budgetary rules”, declared the official, speaking at the entrance to the meeting . with their Eurozone and EU Finance counterparts in Brussels.
In these statements to Portuguese journalists, João Leão defended “budgetary rules that are more growth-friendly and, in particular, […] rules that are better adapted to the departure of each country, namely the level of public debt […] to ensure that countries have the leeway to make investments that are safe”.
For the official, a review of the EU’s budgetary rules should allow “to guarantee not only an economic recovery, but also for [resposta aos] important challenges in terms of combating climate change, which will require major investments.
“Terms of rules that create the sustainability of public finances, but that do not impose the blind that jeopardize economic growth”, he added.
The Stability and States clause – which suspends the discipline growth measures in freedom to allow the Pact to be activated in 202 growth measures from 202, allowing to increase and increase the importance of growth of 202. the economic impact unprecedented social and economic impact of the Covid-19 crisis.
In meetings scheduled with eight of the new ministers of the European Union and by the finance office of the EU administration, João Leão to be the “opportune time” in these sessions, “so that in 2023, when it applies in 2023, when it applies in 2023, again the rules, these are revised and more friendly to economic growth”.
Comproduct of below 3% of GDP (Gross Product) and debt Internally at 60% of GDP, these fiscal rules were suspended and will remain so until the end of 2022, since the Commission was public since then that the European economy in need of support also next year.
The forecast is to deactivate the clause in 20233, to comply with which countries will already discuss, although it is time at this time when it is considered post-pandemic.
France, which took over in the first half of 2022 the rotating defender of the EU, already a defender came to reform this Maastricht test in force at the time of the process signed in this Dutch city), with Emmanuel Macron stressing that the issue of for or against the deficit 3% is “out of date”.
In mid-October 20201, the European Commission relaunched the debate on the revision of fiscal rules, waiting for stakeholder opinions to decide what the future of economic governance in the EU will look like.
Brussels’ objective is to reconcile public debt control and deficit levels triggered by the crisis with the need to invest more to tackle the climate problem.
The French President of the EU hopes that this debate will involve governments as well as social partners and civil society.