Eurogroup reviews draft national budgets
Eurogroup finance ministers assessed the Commission's opinions on member states' draft budgets and the euro area's fiscal outlook.
Mr Fabrizio SACCOMANNI, Italian Minister for Economic Affairs and Finance; Mr Pierre MOSCOVICI, French Minister of Finance
© European Union, 2013
Mr Fabrizio SACCOMANNI, Italian Minister for Economic Affairs and Finance; Mr Pierre MOSCOVICI, French Minister of Finance
© European Union, 2013
Strengthened Economic Governance
For the first time, the Eurogroup discussed member states' draft budgetary plans before their finalisation by national parliaments. This new requirement strengthens the coordination and transparency of budgetary policies within the euro area.
Ministers carefully scrutinised and discussed each other's budgets. It was agreed that the fiscal plans for 2014 were appropriate. The Eurogroup welcomed the fact that no draft budgetary plan was found to be in serious non-compliance with the Stability and Growth Pact (SGP).
Compliance with the rules of the SGP was nevertheless assessed to be at risk for a number of countries. The relevant ministers showed their full commitment to address this risk. It was agreed that member states should focus on the quality and composition of any further fiscal adjustments, to ensure these are as growth friendly as possible.
For the first time, the Eurogroup discussed member states' draft budgetary plans before their finalisation by national parliaments. This new requirement strengthens the coordination and transparency of budgetary policies within the euro area.
Ministers carefully scrutinised and discussed each other's budgets. It was agreed that the fiscal plans for 2014 were appropriate. The Eurogroup welcomed the fact that no draft budgetary plan was found to be in serious non-compliance with the Stability and Growth Pact (SGP).
Compliance with the rules of the SGP was nevertheless assessed to be at risk for a number of countries. The relevant ministers showed their full commitment to address this risk. It was agreed that member states should focus on the quality and composition of any further fiscal adjustments, to ensure these are as growth friendly as possible.
Improving euro area fiscal outlook
Eurogroup concluded that fiscal consolidation efforts are delivering results and that the euro area is making its way out of the crisis. The euro area's government debt level is expected to stabilise in 2014 and the deficit is planned to fall below 3% of GDP. Debt and deficit projections for the euro area are considerably more positive than those for the United States or Japan.
The Eurogroup President emphasised that all member states should continue to pursue the sustainability of their public finances in parallel to appropriate structural reforms. The importance on-going labour market reforms aimed at tackling unemployment was also highlighted.
Eurogroup concluded that fiscal consolidation efforts are delivering results and that the euro area is making its way out of the crisis. The euro area's government debt level is expected to stabilise in 2014 and the deficit is planned to fall below 3% of GDP. Debt and deficit projections for the euro area are considerably more positive than those for the United States or Japan.
The Eurogroup President emphasised that all member states should continue to pursue the sustainability of their public finances in parallel to appropriate structural reforms. The importance on-going labour market reforms aimed at tackling unemployment was also highlighted.
Δεν υπάρχουν σχόλια:
Δημοσίευση σχολίου