On Thursday 21 December, the ambassadors of the Member States to the European Union (Coreper) formally adopted the EU Council's mandate on the reform of the Stability and Growth Pact, the day after the Ecofin Council reached a political agreement (see EUROPE B13318A13).
Negotiations with Parliament will focus on the ‘preventive’ arm of the Pact. The Council’s position in this area introduces two numerical criteria (‘benchmarks’), one to ensure a reduction in the excessive public...