Posted 12/20/2023, 1:42:15 PM
EU Seeks New Fiscal Rules as High Spending Strains Budgets
- EU members have spent freely to support economies during pandemic, war, and energy crisis
- In 2020, EU agreed on €806bn recovery fund, but high interest rates have changed plans
- At recent summit, agreement reached on topping up EU budget, except from Hungary's Orban
- Euro zone's deficit rules need overhaul, as they were barely workable before pandemic
- Germany wants to require countries to lower deficits/debt each year, France may reluctantly agree