Fiscal policy: The EU Commission has presented its opinion on the 2024 draft budgets for the euro area member states in its European Semester Autumn Package. The main conclusion is that The Draft Budgetary Plans of Belgium, Finland, France, and Croatia risk not being in line with the Council Recommendations. German budget plans are not fully in line with the recommendations and Germany should wind down energy support measures as soon as possible. The fiscal rules of the EU have not functioned well, and no country had ever received a fine for breaching the rules. Hence, the impact on the opinion from the Commission might not mean much. Yet, with new fiscal rules being currently negotiated the possibility of stronger enforcement next year increased the risk that countries such as France and Belgium have to adjust to more austere fiscal policy in 2024.
Commissioner Gentiloni Speaks at Eurogroup Press Conference
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Timeline - Economic governance framework
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The Commission has adopted its Opinion on Latvia s updated Draft Budgetary Plan for 2023. The Plan presented by the Latvian authorities updated the no-policy-change plan submitted by the outgoing government in October 2022. This Opinion finds that, overall, Latvia s updated Draft Budgetary Plan is in line with the Council Recommendations of July 2022. Latvia plans […]