| Author (Person) | Begg, Iain |
|---|---|
| Publisher | Economic and Social Research Council |
| Series Title | The UK in a Changing Europe |
| Series Details | 19.08.16 |
| Publication Date | 19/08/2016 |
| Content Type | Journal | Series | Blog |
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The far-reaching reforms in recent years of EU (and especially eurozone) economic governance were intended to correct the shortcomings that had become so evident during the euro crisis. But are they delivering and can we be confident the problems of implementation and patchy compliance have been solved? Recent developments invite scepticism, notably the Kafkaesque outcome of the latest episode of enforcement of EU fiscal discipline, concerning Portugal and Spain. As the headline of a press release from the Council of Ministers put it on 8 August 2016, the ‘Council agrees to zero fines and new deadlines for Portugal and Spain’. Both countries were also spared a suspension of all or part of their entitlements to receipts from the EU’s Structural and Investment Funds. The decision casts doubt on the credibility of EU fiscal rules. More broadly, it raises awkward questions about whether eurozone economic governance is on the right track. |
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| Source Link | http://ukandeu.ac.uk/eurozone-economic-governance-in-disarray/ |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Portugal, Spain |
