EU’s Economy Chief Calls for New Fiscal Rules to Aid Recovery
- Paolo Gentiloni speaks during European Fiscal Board conference
- He says it will be wiser to ‘err on the side of doing more’
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The European Union’s fiscal rules should be adapted to allow for more spending to boost growth as countries struggle to pull their economies out of pandemic-induced recessions, according to the bloc’s top economic official.
EU Economic Affairs Commissioner Paolo Gentiloni, speaking at the European Fiscal Board’s annual conference on Friday, reiterated calls to withdraw public support very gradually in order to avoid a sharp rise in insolvencies. But he added that reducing debt loads will remain warranted once the crisis has passed.