EU Starts Work on Fiscal Reform After Covid Spending Splurge
This article is for subscribers only.
The European Union began work this week revising its fiscal rules as it considers new exceptions to allow for the massive investments needed to help member states make their economies more climate friendly.
The European Commission, the bloc’s executive arm, launched a public consultation on the so-called Stability and Growth Pact, a fiscal framework that dictates countries’ debt and deficit levels. The EU suspended the SGP in March of 2020 to give member states the flexibility to react to the Covid-induced recession.