Fiscal rules, which were suspended due to the pandemic in 2020, are being reactivated and according to the Commission the escape clause will be deactivated at the end of 2023. This for Greece means that the country will return to targets for surpluses above 2%, while already for 2023 it has a target of a surplus of 1%. Discussions begin in Brussels on changes to the Stability and Growth Pact, as well as on the prospects for 2024.
Next week, on March 13-14, finance ministers will meet in Brussels to reform the Stability Pact, and whether they will finally agree on its goals, as a North-South brawl is brewing up again.
The European Commission announced today the guidelines to the member states regarding the exercise and coordination of fiscal policy.
The general escape clause of the Stability and Growth Pact provides for a temporary derogation from fiscal rules in the event of a slowdown in economic activity. According to the Commission it will be deactivated at the end of 2023. The exit will lead to the resumption of country-specific fiscal policy recommendations, which are quantified and differentiated based on the public debt challenges faced by member states.
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