Suspended since the start of the pandemic, the budgetary rules on debt and deficit in the euro zone will remain so in principle until the end of 2022. But France is already calling for a
"transition"
at the end of this period, if a new fiscal framework has not been adopted by then.
The emergency suspension clause has allowed public spending to explode in the name of “whatever the cost”.
In the meantime, the debate has started on the reform of these rules fixing at 3% of the GDP the level of deficit of the Member States of the euro zone and at 60% their indebtedness.
Even before the crisis, Emmanuel Macron called them
“debates from another century”.
However, debt levels have since jumped to 100% on average in the euro zone, 116% for France or nearly 160% for Italy.
"Cramer the cash register"
France intends to advance this reform during its presidency of the Council of the European Union, in the first half of 2022. While we have been cautious for a long time in Paris on this explosive subject, it is now estimated that there is
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