21 JUN 2011
By Riva Froymovich and Matthew Dalton
LUXEMBOURG (Dow Jones)--The European Union inched toward a deal on a package of economic reforms aimed at preventing a repeat of the sovereign-debt crisis but differences remain that could delay agreement beyond the June 24 deadline.
EU member states made a final offer to the European Parliament Monday on the reforms, which have been billed as the cornerstone of the comprehensive response to the financial crisis.
The parliament could vote as soon as Thursday to approve the package but it remains unclear if member states have compromised enough on several key points to win parliament's backing.
The European Parliament sought to introduce more automatic consequences against member states not following the policy recommendations of the European Commission in Brussels. It wants member states to vote on the commission's policy recommendations earlier in the rule process, taking a public stance on whether their peers are doing enough to prevent unsustainable debt and deficit levels.
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