EU: Macron and Draghi call for reform of Maastricht rules


published on Thursday 23 December 2021 at 13:33

Emmanuel Macron and Mario Draghi on Thursday called on EU countries to reform the European budgetary rules defined by the Maastricht criteria, in order to allow more investment spending, while recognizing that it will also be necessary to reduce debts.

“In the same way that these rules did not restrict our response to the pandemic, they must not now prevent us from making all the necessary investments”, claim the two French and Italian leaders in a column published on the Financial website Times.

Emmanuel Macron had already announced on December 9 that he wanted to make the reform of the Maastricht criteria one of the priorities of the French presidency of the EU, believing that the question of “for or against the 3%” deficit was “outdated” .

His message, supported this time by his Italian counterpart, is addressed to the EU countries most attached to the rules of austerity, including those in northern Europe, which had expressed reluctance before the adoption of a exceptional post-pandemic stimulus budget. And also to the Germany of the new Chancellor Olaf Scholz, for the moment much more reserved on the subject.

“We need to reduce our level of debt, there is no doubt about it, but we cannot hope to achieve this by raising taxes or making unsustainable cuts in social spending, nor killing growth in the economy. egg by rebalancing public finances by a budgetary adjustment which would not be viable “, plead the two leaders.

“We must have more room for maneuver and be able to carry out the key expenditures necessary for our future and our sovereignty. Fiscal rules should favor the debt created to finance these investments, which undoubtedly contribute to the well-being of future generations. and long-term growth, given that such public spending does contribute to long-term debt sustainability, “they add.

According to the Elysee, Emmanuel Macron is counting on the informal summit of heads of state and government of the EU to make “a quantified estimate of investment needs, and of the rules which will have to evolve accordingly, including the rules of competition and trade rules, but also European budgetary rules “,” which must be adapted to the challenges of the time “.

This work, wishes the French presidency, must involve all EU governments but also social partners and civil society, in the coming weeks.



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