The European Commission Wednesday presented legislative proposals to implement a comprehensive reform of the EU’s economic governance rules fit for the future.
The proposals address shortcomings in the current framework.
They take into account the need to reduce much-increased public debt levels, build on the lessons learned from the EU policy response to the COVID-19 crisis and prepare the EU for future challenges, it said in a press release.
The proposals will make the economic governance framework simpler and more transparent, improve national ownership and strengthen enforcement.
European Commission Executive Vice-President Valdis Dombrovskis presenting the proposals at a press conference in Brussels said that “a great deal has changed since the EU first drew up its fiscal rules in the 1990s.
We are living in a very different world from thirty years ago: different challenges, different priorities.” “The EU also faces massive reform and investment needs: for the green and digital transitions, to strengthen our social and economic resilience and to secure long-term energy supplies,” he said.
“Our proposals represent a balanced approach that will make the EU’s fiscal rules more effective.
They are designed around four key areas: simplicity, ownership, safeguards and enforcement,” he added.
Source: Kuwait News Agency