EU proposes new economic governance framework to boost stability and growth prospects

April 26, 2023 3:32 pm Published by Leave your thoughts

The European Commission has proposed new rules for economic governance that are fit for the future. These new rules aim to make the EU’s Economic and Monetary Union more resilient to future crises and better able to support sustainable and inclusive growth. The proposed rules include changes to the Stability and Growth Pact, which sets out the EU’s fiscal rules, and new measures to improve economic coordination and surveillance.

The proposed changes to the Stability and Growth Pact would introduce a more flexible approach to the fiscal rules, allowing Member States to invest in areas such as climate change, digitalisation and social inclusion without breaking the rules. The Commission has also proposed a new debt rule that would take into account the long-term sustainability of public finances, rather than just short-term deficits.

In addition to these changes, the Commission has proposed new measures to improve economic coordination and surveillance in the EU. These include a new macroeconomic imbalance procedure to identify and address imbalances in member states’ economies before they become a problem, and a new competitiveness scoreboard to help member states identify areas where they need to improve their competitiveness.

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