In Luxembourg on Tuesday 5 October, the European Commissioner for the Economy, Paolo Gentiloni, announced that the European Commission is to issue a communication on Tuesday 19 October, aimed at re-launching the reflection on the future of European fiscal rules.
“The time has come to resume discussions” on the European economic governance framework, taking into account the “ implications of the crisis”, including the accumulation of high stocks of public debt by Member States, as well as the objectives of the ecological and digital transition, according to Mr Gentiloni.
He said the EU institution would make proposals “next year” to take advantage of a suitable timetable permitted by the freezing of the Stability and Growth Pact until the end of 2022. It is, in his view, too early to say whether a legislative reform of the Pact will be initiated, or whether an interpretative communication of the European fiscal rules will suffice.
In February 2020, the European Commission first raised the issues for debate on the revision of the European economic governance framework, before the urgency of the Covid-19 pandemic postponed these discussions (see EUROPE 12419/4). (Original version in French by Mathieu Bion)