NewsEconomicsStability pact, stop also in 2023. Dombrovskis: "It's not...

Stability pact, stop also in 2023. Dombrovskis: “It’s not a free all”


The stability pact will also remain suspended in 2023, for the fourth consecutive year. For the European Commission “the conditions exist” to keep the safeguard clause activated in 2023, introduced in March 2020 in the face of the lockdowns imposed by the Covid-19 pandemic, and to deactivate it in 2024, due to the “increased uncertainty” and “strong downside risks” to growth prospects in the context of the war in Ukraine, “unprecedented” energy prices and “continuing interruptions” in value chains. Maintaining the clause in 2023 will provide space for national fiscal policies to be able to “react when needed” while ensuring a “smooth transition” from “generalized” support to the economy during the pandemic to more targeted measures and temporary and the “prudence” necessary to ensure “stability” in the medium-long term. The Commission will provide “guidance” on possible changes to the economic governance framework after the summer recess, “in time for 2023”. The extension of the activation of the safeguard clause also in 2023 “does not mean” that the Stability Pact is deactivated, since the clause is part of the agreement, and “does not mean free all”. This was underlined by the executive vice-president of the European Commission Valdis Dombrovskis, presenting the spring package of the European semester at a press conference in Brussels. The Commission, he adds, “does not intend to open new excessive deficit procedures at this stage. However, we will reassess compliance with the deficit and debt criteria in the autumn and again next spring. And we will pay particular attention to compliance with today’s recommendations. on the part of the member states “. In Europe, national budgetary policies” should combine higher investments with the control of the growth of current expenditure, which is of course particularly important for countries with high debt, which are required to ensure a policy prudent budget for 2023 “, underlined the European Commissioner for Economy Paolo Gentiloni, at a press conference in Brussels. On the one hand, he added, “we are far from economic normality”, on the other “we are not proposing a return to unlimited spending”. Then the reply to Lega leader Matteo Salvini who said that if the European Commission wants to “massacre “Italian workers, companies and savers using the PNRR your answer will be” no “. “The Commission has no intention of massacring anyone,” Gentiloni said.

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