eu adopts stiffer budget rules to avert crises
Last Updated : GMT 04:31:41
Arab Today, arab today
Arab Today, arab today

EU adopts stiffer budget rules to avert crises

Arab Today, arab today

Arab Today, arab today EU adopts stiffer budget rules to avert crises

Strasbourg - AFP

EU states that let their deficits spin out of control could face stiff fines after the European Parliament adopted on Wednesday tougher budget rules to shield the bloc from future crises. The changes were agreed after a year of hard bargaining between governments, the parliament and the European Commission, all hoping to learn the lessons from a debt crisis that led to bail outs of Greece, Ireland and Portugal. \"We have developed a powerful and resistant armour against any future crises,\" said the parliament\'s president Jerzy Buzek. \"We cannot turn the clock back, but the package will ensure that member states budgets will be credible,\" he said. EU economic affairs commissioner Olli Rehn said the vote marked a \"milestone\" that will \"pave the way for creating a real economic union to complement the monetary union.\" The new rules are part of a wider efforts in Europe to contain a nearly two-year-old crisis that is now threatening to drag the whole planet into another global recession. After billions of euros were spent on rescuing Greece, Ireland and Portugal, Europeans are under pressure to deepen economic integration to rein in profligate governments. The reform will enable the European Commission to recommend fines against governments with runaway deficits and debts. The sanctions could only be blocked if a majority of states vote against them. Budget sinners would be required to deposit the equivalent of 0.2 percent of GPD into a locked account. The funds could then be used to levy fines if the government fails to clean up its act. Euro MPs had sought more automatic sanctions, but governments were opposed to losing control of the decision-making process. The reform, known as a \"six-pack\" of laws, was backed by the conservative and liberal groups of parliament. The Socialist and Green blocs partially approved it, complaining it was too focused on austerity rather than growth. The threat of sanctions existed before, under the European Union\'s Stability and Growth Pact, but fines were never imposed as the voting system to impose them made it virtually impossible to make the axe fall on wayward states. In the old system, a penalty would have been imposed only if a majority backed the sanction. Nearly all members of the 27-nation EU have ignored the pact\'s rules requiring deficits of no more than 3.0 percent of gross domestic product and debts of less than 60 percent of GDP. Under the new rules, the European Commission will be able to require governments to take corrective measures if necessary to reduce their deficits and debts. Rehn said EU finance ministers will give the final endorsement to the new rules on Tuesday. \"We will now have in place the most substantial and important institutional reform ever in the field of economic policy-making at the EU-level,\" he said. \"I am looking forward to using this new toolbox.\"  

arabstoday
arabstoday

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*

eu adopts stiffer budget rules to avert crises eu adopts stiffer budget rules to avert crises

 



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*

eu adopts stiffer budget rules to avert crises eu adopts stiffer budget rules to avert crises

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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