Luxembourg, 11/09/2015 (Agence Europe) - On Friday 11 September, the Ecofin Council asked the European Commission to assess whether the current migration challenge can be considered an exceptional circumstance under the stability and growth pact.
The mass influx is exceptional in terms of the sheer number of refugees and the scale of the financial resources at stake, said Luxembourg's finance minister, Pierre Gramegna, after the first day of the Ecofin Council. He said the current situation might meet the special circumstances criteria provided for in the stability and growth pact.
The Luxembourg Presidency of the Council of the EU considers that it is a matter worth examining, said Economic and Financial Affairs Commissioner Pierre Moscovici, hoping that the Commission would be able to present its analysis at the next meeting of EU finance ministers, which will take place in Luxembourg on 5-6 October. He was careful to avoid saying that the interpretation of the budget rules to be provided by the Commission would be included in its interpretation of the member states' draft budgets for 2016, which are due for mid-October.
Under the stability pact, when the Commission considers launching an excess deficit procedure, it can give special consideration to countries whose fiscal positions have deteriorated due to circumstances outside their control, such as a natural catastrophe or severe economic recession, but only if the deficit is temporary and remains close to the reference value. (Mathieu Bion)