Arab Today, arab today eurozone leaders in tussle over budget rules
Last Updated : GMT 14:20:18
Arab Today, arab today
Arab Today, arab today

Eurozone leaders in tussle over budget rules

Arab Today, arab today

Arab Today, arab today Eurozone leaders in tussle over budget rules

Mario Draghi, president of the European Central Bank
Brussels - AFP

Leaders from struggling eurozone economies continued a push to loosen strict EU budget rules Monday despite firm opposition from Germany, which feels that flexibility must be matched by structural reform.
"We must find a balance between stability in the rules and a flexible and intelligent interpretation of these rules," Spanish Economy Minister Luis de Guindos said upon arrival for talks with eurozone counterparts.
With the worst of the debt crisis in the past, "some flexibility (…) would be welcomed," Irish Finance Minister Michael Noonan agreed.
His country was one of four eurozone members bailed out during the four-year crisis.
All 28 members of the European Union are bound by the Stability and Growth Pact which sets limits on the size of deficits and amount of public debt a country can run up every year.
Since the crisis, Brussels has tightened its policing of the rules, and member states now risk penalties if agreed targets are missed.
But Italy, led by the newly installed premier Matteo Renzi, wants more flexibility, saying that the European Commission, pressured by Germany, has put too much emphasis on austerity and not enough on protecting jobs and growth.
"Flexibility is not a request made by Italy, it is what Europe needs," Renzi said Friday in Rome as Italy took over the EU's six-month presidency.
But the Eurogroup of finance ministers, where Germany's view is decisive, insists that flexibilty is already a part of the existing pact.
Moreover, governments in the eurozone's richer countries worry that calls for flexibility are in fact thinly disguised ploys to abandon reform and avoid having to build sound public finances.
Member states "of course" agree that investment and growth should be encouraged, German Finance Minister Wolfgang Schaeuble said as he arrived for the meeting.
"But this shouldn't serve as an excuse to avoid things that are just as necessary," he added.
In an effort to close the debate, EU leaders late last month agreed to "the best use of the flexibility that is built into the existing" rules in a final strategy for the EU's direction over the next five years.
But a European source said on Monday that Renzi believed strongly that "the flexibility element of the pact has not been developed enough" and that more clarity was needed.
"The Italian presidency will create a very clear understanding of what can be done," the source said.
Eurogroup head and Dutch Finance Minister Jeroen Dijsselbloem for his part said: "It is up to the commission whether countries are allowed more flexibility."

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eurozone leaders in tussle over budget rules Arab Today, arab today eurozone leaders in tussle over budget rules

 



Arab Today, arab today
Arab Today, arab today Kanye West puts hijab-wearing model

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 17:36 2017 Monday ,13 February

Designer prepares to present 2017 collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday