The Council of Europe and European Parliament (EP) today, Saturday 10th, reached a provisional political agreement after intense negotiations on the proposed reform of the EU’s economic governance framework.
The main objective of the reform is to ensure sound and sustainable public finances while promoting sustainable and inclusive growth in all member states through reforms and investment.
The Council and Parliament agreed to maintain the reform’s overall objective of reducing debt ratios and deficits in a gradual, realistic, sustained, and growth-friendly manner while protecting reforms and investment in strategic areas such as digital, green, social, or defense. At the same time, the new framework will provide appropriate room for counter-cyclical policies and address macroeconomic imbalances.
The agreement also maintains the obligation for member states to submit national medium-term fiscal structural plans.
The political deal will introduce a gradual fiscal adjustment path for nations whose government debt exceeds 60% of gross domestic product or whose deficit is above 3% of GDP. The agreement struck in Brussels late Friday between representatives of the European Commission, the European Parliament and member states in the EU Council still needs formal approval by national governments and the EU assembly to become law.
“The new rules will significantly improve the existing framework and ensure effective and applicable rules for all EU countries,” Belgian Finance Minister Vincent Van Peteghem said in a statement Saturday. “They will safeguard balanced and sustainable public finances, strengthen the focus on structural reforms, and foster investments, growth and job creation throughout the EU.”
Source: tovima.com
Latest News
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country