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Although final fiscal rules are uncertain and eventual budget cuts will likely be subject to negotiation between the commission and individual member states, Thursday's announcement points to a general tightening of the purse in Europe.
Yesterday, the European Commission presented its reform proposal for the so-called “Stability and Growth Pact”, the EU’s rules for national public debts and deficits, which in the view of critics have in the past neither supported stability nor growth.
But trouble could still lie ahead | Business
The Council's Frankfurt Forum showed that while the United States and EU approach some challenges differently, Russian aggression has provided a renewed sense of purpose and urgency to resolve those differences.
The obvious response to inflation is to rein in demand via monetary policy—except supply, not demand, is the problem.