Review of fiscal rules a "chance for new direction"

The Socialists & Democrats in the European Parliament say they welcome the opening of the public consultation on the review of EU economic governance as a much-needed opportunity for improving the EU’s fiscal rules by introducing a Golden Rule for sustainable investments.

The Socialists and Democrats have been campaigning for a just transition to a social and sustainable Europe, and are now pushing to ensure the financing of the Green Deal.

Biljana Borzan, S&D MEP and vice-president responsible for an economy that works for all, told this site: “The European Green Deal has the potential to transform Europe into a sustainable and inclusive society. To make our Green Deal ambitions a reality, we must now put significant money behind it. According to Commission estimates, an additional 260 billion Euros is needed every year to meet our Paris Climate goals. It is high time we up-date our budget rules to enable member states to invest in a good future for all.

“The revision of the fiscal rules can be a significant step to change the direction of Europe towards a sustainable and social future. Let’s not waste this golden opportunity. We are calling on the Conservatives and Liberals to show that they are serious about making the Green Deal a reality.”

Jonás Fernández, S&D MEP and spokesperson on economic affairs, said,“The public consultation on the review of the Stability and Growth Pact is an important first step in a much needed reform process. The Socialists and Democrats will fully engage in, and contribute with, our ideas and ambitions in the forthcoming debate in the European Parliament and keep pushing for a Golden Rule.

“We eagerly await the Commission’s legislative proposal. The sooner Parliament and member states can find a consensus, the sooner we can knuckle down to get the real work done.”

The Commission Communication now opens a 6 month period for public discussion with all stakeholders, structured around 9 questions. The Commission is expected to finalise its stance on possible future steps by the end of the year.

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Martin Banks

Martin Banks

Martin Banks is a highly qualified journalist with many years experience of working within the EU institutions. He is an occasional, and highly valued, contributor to EU today, writing on a wide variety of issues.

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