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EU to Extend Suspension of Fiscal Rules Until End of Next Year

  • Member states allowed more time to address Ukraine war fallout
  • Rules had been set aside due to impact of coronavirus pandemic

The European Union will delay restoring rules limiting deficits and debt by one more year to allow room for generous spending by member states to address the fallout from the war in Ukraine.

The European Commission will on Monday propose extending a suspension of the budget rules -- enshrined in the Stability and Growth Pact -- until the end of 2023, according to EU officials familiar with the plan who asked not to be identified discussing confidential information.