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S&Ds: Europe needs bold and decisive fiscal policies: outlined reform heads in the right direction. Now the Commission shall put forward a legislative proposal, including a European fiscal capacity

Date

09 Nov 2022

Sections

Euro & Finance

The European Commission’s outline of the reform of the EU fiscal rules heads in the right direction, notably a more tailor-based framework that allows for more investments and other countercyclical measures, underlined the S&Ds in their first reaction to the Commission’s proposals presented today.

Biljana Borzan MEP, S&D vice-president for economic matters, said:

“The direction of travel is a good one. We welcome a constructive approach to fulfilling treaty obligations while acknowledging that country-specific factors need to be taken into account. Delivering fiscal adjustments, where they are necessary, in a way that allows for investments in a just transition to be undertaken at the necessary scale is crucial for the future of Europe. We commend the Commission for acknowledging this pressing imperative.

“Yet, we remain convinced that a central fiscal capacity and provisions that privilege such investments in member states’ budgets are critical to ensure that they are mobilised and sustained. We therefore ask the Commission to soon put forward additional initiatives to this end, for instance along the lines of a permanent SURE mechanism*.”

Jonás Fernández MEP, S&D spokesperson on economic and monetary affairs, added:

“Given the economic headwinds Europe is facing, a comprehensive and bold reform of the EU economic and fiscal governance is urgently needed. We are glad to see that the Commission is finally ready to launch such a reform.

“In view of different economic and fiscal situations of member states, there is no other way forward than the one that allows for such diversity to be addressed constructively by means of essentially country-specific adjustment efforts. This is what the Commission seems to understand very well. Transparency and democratic participation must be enhanced in the definition of such a new framework. We will fight for the strong role of parliaments at a European and national level, whose role is sadly underdeveloped in the Commission’s proposals of today.”

*Note to editors:

SURE is the European instrument for temporary support to mitigate unemployment risks in an emergency.

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