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European Union finance ministers on Saturday backed a timeline calling for the reform of the bloc's fiscal rules by the end of the year as they look to balance debt cuts with investing in an individually tailored yet equal way. "It may be challenging but... the Spanish Presidency is committed to this timeframe and just today we outlined the way to do it, the fiscal 'camino'," European Commission Vice-President Valdis Dombrovskis told a news conference. Dombrovskis was referring to the "camino de Santiago" or Saint James's way, a famous Catholic pilgrim...

The European Union is close to agreeing provisions in revamped fiscal rules to enable extra military spending in the wake of Russia's invasion of Ukraine, officials close to the talks said. EU fiscal rules underpin the euro currency used in 20 nations by limiting government borrowing. The bloc's executive European Commission is supposed to start disciplinary steps against countries that exceed these limits.

Labour is considering scrapping more big spending policies in wake of Sir Keir Starmer’s about-turn on green energy, The Telegraph understands.

A report by the New Economics Foundation looks into the challenge of reconciling the European Green Deal with the bloc's fiscal rules.

A think tank has called for an end to political and fiscal incentives that harm public services and hinder economic growth.