Eurozone crackdown on public finances‎ / Germany backs tough EU deficit rules

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Series Details 24.9.10
Publication Date 24/09/2010
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Preview of proposals on plans to reform economic governance in the European Union to be launched on 29 September 2010 by Olli Rehn, the European Commissioner for Economic and Monetary Affairs.

Article says that the proposals are the EU’s most ambitious attempt to reorder its economic governance since the 2010 debt crisis in the eurozone nearly destroyed the single currency. The hurdles facing their implementation, however, remain high as some Member States are fiercely opposed to financial sanctions.

Separately, Herman Van Rompuy, President of the European Council, the Institution representing the EU member governments, is heading his own task force examining economic governance. He was set to present his own proposals to EU Finance Ministers on 27 September 2010.

In a letter to all 27 EU finance ministers before the meeting, Germany's Finance Minister Wolfgang Schäuble said he 'chiefly supports' the stringent proposals to be unveiled by the European Commission on 29 September 2010.

Related Links
ESO: Background information: Commission lifts veil on future euro stability plans http://www.europeansources.info/record/commission-lifts-veil-on-future-euro-stability-plans/
ESO: Background information: Fiscal rules face obstacles, says Lagarde http://www.europeansources.info/record/fiscal-rules-face-obstacles-says-lagarde/
EurActiv, 27.9.10: EU faces crunch week in budget discipline talks http://www.euractiv.com/euro-finance/eu-faces-crunch-week-budget-disc-news-498150
EUObserver, 27.9.10: EU enters crucial week for budget rules http://euobserver.com/9/30893
Spiegel Online International, 27.9.10: New EU Rules Target Countries with Export Surpluses http://www.spiegel.de/international/europe/0,1518,719816,00.html
Deutsche Welle, 27.9.10: EU and Germany push for penalties for deficit offenders http://www.dw-world.de/dw/article/0,,6050677,00.html
European Council: Press Release: PCE/195/10: Remarks by Herman Van Rompuy, President of the European Council, following the meeting of the Task force on economic governance, Brussels, 27.9.10 http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/116782.pdf

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