Following the informal ministerial meeting in Santiago de Compostela, the Spanish Presidency of the Council of the European Union has initiated the negotiation phase for the most political points of the reform of the Stability and Growth Pact (see EUROPE B13252A18).
The Spanish Presidency has made a suggestion to the national delegations regarding the level of multi-annual adjustment, calculated in terms of ‘net public expenditure’, which would apply to Member States with excessive debt...