The European Commission has asked EU countries to draw up plans to reduce their debt and government deficits by 2026. According to the Commission’s latest projections, 16 states will have deficits above 3% by 2023, including Spain (4.3%).
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The European Commission is preparing to reapply in 2024 European budgetary discipline reigns after almost four years suspended due to the pandemic and the war in Ukraineso this Wednesday it has asked European Union states to draw up plans to reduce their debt and government deficit by 2026.
Although the Twenty-seven are still negotiating the design of the future Stability and Growth PactBrussels believes that the improvement in the economic situation justifies a return next year, as planned, to the limits of 3% of GDP for the government deficit and 60% for the debt.
In view of this scenario, the Community Executive has issued guidelines for governments to prepare their policies Stability plans for the next four years taking into account some elements of the future reform, which may not yet be in place in 2024.
“Member States with significant or moderate debt are invited to set fiscal targets that ensure plausible and sustained debt reduction or maintain it at prudent levels over the medium term,” read the text presented by the Community Executive’s economic vice president, Valdis Dombrovskisand the Commissioner for Economy, Paolo Gentiloni.
Opening of files due to excessive deficit
The Community Executive Committee plans to resume excessive deficit files in spring next year for all Member States with government deficits and debt above limits, which even with the reform at 3% and 60% of GDP will stay, respectively.
According to the Commission’s latest projections, 16 states will have deficits above 3% by 2023, including all major euro economies: Spain (4.3%), Germany (3.1%), France (5.3%), Italy (3.6%) and the Netherlands (4%).
The ministers of Economic Affairs and Finance are discussing the reform next Tuesday aim for a consensus that would allow the Commission to make a formal proposal at the end of March or the beginning of April.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
