27 OCT 2010
European Union leaders will meet in Brussels Thursday evening to discuss new Eurozone deficit rules and other reforms of budgetary surveillance for all EU27 countries.
President Herman Van Rompuy on Monday rejected criticism of last week’s proposals on Eurozone deficit rules, saying the EU isn’t going soft on fiscal offenders.
A side-by-side comparison of current rules with proposals drawn up by a task force of finance ministers shows that Europe is increasing pressure on high-deficit countries to prevent a repeat of the Greek-fueled debt crisis, Van Rompuy said.
“Even a quick look shows the strengthening of economic governance, with new sanctions, applied earlier on, and easier decision-making,” Van Rompuy said at the Solvay Brussels School. “I reject any criticism suggesting the task force softened its stance.”
France and Germany agreed at a summit in Deauville, France on Oct 18th, that would require at least two votes by Eurozone governments before penalties leading up to fines are imposed on countries that exceed the euro stability pact’s deficit limit of 3% of GDP (gross domestic product.)
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