MILANO – “We have a lot of work to do to fix existing tax rules, rules that were so strict that they were often not enforced. What we have achieved is not perfect. It’s a good compromise. The compromise reached during the trilogue is the result of everyone’s determination to progress and improve the current legislative framework”. This was stated by the EU Commissioner for Economic Affairs Paolo Gentiloni speaking in the Plenary on the Stability Pact. The new rules are “more flexible, more growth-oriented, more credible in their implementation”, she added.
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“During this time, we saw the European economy first collapse due to the pandemic, then recover strongly in 2021-22, before slowing sharply after Russia’s large-scale invasion of Ukraine, which triggered very high inflation.In all these phases the general escape clause was in force. Now we have on the one hand the prospect of reducing the debt and deficit accumulated due to these two black swans growth through the recovery of purchasing power, the decline in inflation and the conservation of public investments. It is a truly delicate balance but the new rules are suitable for this balance”, explained Gentiloni.
“The adoption of the reform after today’s debate and vote will allow us to present the first cycle of medium-term structural fiscal plans already this year. This is the set of rules we need to face the current challenges with confidence and future with confidence
public debt without compromising growth. And it will help us protect the level of public investment, which is more necessary than ever to finance green and digital transitions, to safeguard our social model and to guarantee the security of the continent”, he further remarked.
Von der Leyen: “The cost of gas in Europe will soon fall”
In her speech, Commission President Ursula von der Leyen spoke about the energy issue. “Energy costs continue to impact our competitiveness,” he said. “The International Energy Agency tells us there may be some relief in sight. Last year, during the energy crisis, there were many investments have been made. A large wave of new LNG (liquefied natural gas) export projects is coming to market. And we may soon go from a global LNG shortage to an LNG abundance. As a result, we expect prices to fall of gas”.