Brussels, 06/03/2013 (Agence Europe) - On Tuesday 5 March, the ECOFIN Council gave the go-ahead to the final changes to the two-pack of rules amending the Stability and Growth Pact for eurozone nations (see EUROPE 10790). Irish finance minister Michael Noonan said that the agreement had been confirmed.
After languishing in the doldrums, the draft amendments were agreed upon after the European Commission, under pressure from the European Parliament, agreed that a group of experts would examine the pros and cons of partial pooling of sovereign debt of eurozone nations. The group will be set up shortly and publish conclusions by the end of March 2014, explained Euro Commissioner Olli Rehn. By the end of July, the Commission will publish ideas on how to balance public investment against budget discipline.
The two regulations amending the Stability and Growth Pact introduce into EU rules greater budget surveillance for eurozone nations, particularly those in receipt of financial aid. The Commission will be able to ask governments to provide budget details every quarter, and by October each year eurozone countries must submit their draft budget for the following year to the European Commission. The Commission can ask a member state to change the budget if it feels it might miss its budget targets. (MB/transl.fl)