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If a country’s deficit is above 3% of GDP, it would have to be reduced during periods of growth to reach 1.5% and build a spending buffer for difficult economic conditions
European Union lawmakers on Tuesday backed new budgetary rules aimed at boosting investment while keeping spending under control despite fierce criticism from leftwing groups.A majority of lawmakers backed the new rules during a session of the European Parliament in Strasbourg, France.
The Socialists and Democrats recognise the importance of reforming EU fiscal rules
MEPs approved a revamp of EU fiscal rules making them clearer, more investment friendly, better tailored to each country’s situation, and more flexible.
The European Parliament on Tuesday voted to adopt new fiscal rules governing the amount of public debt an EU country can accumulate and the size of a budget deficit permitted. German EU lawmaker Markus Ferber from the conservative Christian Social Union (CSU) said in a statement the new rules were "a fresh start and a return to fiscal responsibility." Portuguese EU legislator Margarida Marques from the centre-left Socialist and Democrats (S&D) said the changes allowed for social needs and "provi