Brussels, 25/05/2016 (Agence Europe) - On Wednesday 25 May, the German finance minister Wolfgang Schäuble, had some harsh words for the European Commission, whose apparent inability to make decisions on Spain and Portugal's compliance with the budgetary rules is, he argues, undermining the credibility of the Stability and Growth Pact.
“Giving the impression that they do not want to make a decision, probably because of the forthcoming elections, is not helping to reinforce the European regulatory framework”, the Minister said after the Ecofin Council meeting.
The ministers had been reported back to over the recent recommendation of the European Commission to grant Spain an Portugal and extra year - 2017 and 2016 respectively - to bring their government deficit back under the 3% of GDP mark (see EUROPE 11553). They are expected to make a decision approving these recommendations at their June meeting, unless a reversed qualified majority comes to light against the Commission's suggestion.
When asked about the matter, his Dutch counterpart, Jeroen Dijsselbloem, confirmed that “concerns” had been voiced around the table of the Council. (Original version in French by Mathieu Bion)