On Thursday 12 July, the European Court of Auditors published a damning report for the European Commission, accusing it of having failed to fulfil the principal objective of reducing the structural deficit, by introducing flexibilities in the framework of the preventative arm of the Stability and Growth Pact (SGP).
In this study, the auditors refer to the flexibilities, reaffirmed by the Commission in January 2015, which authorise certain deviations from the budgetary trajectory for member...