Citing European Union (EU) officials, the Financial Times (FT) reported on Monday that “Brussels wants to give EU capitals extra time to curb their debts and create space for public investment as part of a major review of the European Union’s deficit rules.
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“At the end of October, the European Commission will present a proposal to reform the Stability and Growth Pact, according to which it would draw up country-specific multi-year plans with capitals to control your debt load.”
“The idea is that member states take more ownership of their debt reduction plans, that they could refine themselves more than they can today.”
“But once countries agree their plans with both the Commission and the Council, they would have to be enforced and it would be easier to enforce them.”
“So it’s about balancing member state ownership with stricter enforcement.”
Market reaction
Awaiting the Eurogroup meeting, the EUR/USD is losing ground again. The pair is trading above 0.9790, down 0.09% on the day.
Source: Fx Street
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