Home » Stability Pact, reform trouble. Giorgetti: “No to impossible rules”

Stability Pact, reform trouble. Giorgetti: “No to impossible rules”

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Stability Pact, reform trouble.  Giorgetti: “No to impossible rules”

Giancarlo Giorgetti in Pontida

Giorgetti, available for safeguards but not stringent

“The negotiation has become more complex both for the needs of Member States with low levels of public debt, who fear a reform that could leave too much room for the expansion of budget deficits; both for the political developments that have led to changes in government majorities in some countries, as well as the possible effects on the budgets of constitutional rulings that could create difficulties in accepting what appear to rigorists to be too permissive rules regarding deficits” This was said by the Minister of Economy Giancarlo Giorgetti who was heard in the Chamber by the joint Budget Commissions on the ongoing revision of the Stability Pact.

“In this undeniably complex situation – he added – and taking into account that the new approach proposed by the Commission still requires a very challenging budget adjustment for several countries, including Italy, the negotiating position we are holding is one of willingness to introduce of debt and deficit safeguards, but only on the condition that they are not too stringent and, as I have argued, do not actually prevail over the spending rule”

EU Pact: Giorgetti, you can’t say yes to impossible rules

“On deficit and debt, the answer is seriousness: it means making commitments that can be kept. Faced with challenging rules we can somehow access it, but with respect to rules that are impossible to keep, I don’t think we can say yes out of seriousness “.

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