The European Parliament and the member states of the European Union (EU) reached an agreement overnight from Friday to Saturday on a reform of the EU budgetary rules. It is supposed to guarantee the recovery of public finances while preserving investments.
The text is strongly criticized for its great complexity and derided by left-wing elected officials as a tool installing austerity in Europe. The agreement reached last night will allow Member States to apply the new rules this year for their 2025 budgets. It makes the adjustment requested from EU countries in the event of excessive deficits a little more flexible.