| Author (Person) | Barber, Tony |
|---|---|
| Series Title | Financial Times |
| Series Details | 1.7.10 |
| Publication Date | 01/07/2010 |
| Content Type | News |
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The European Commission adopted on the 30 June 2010 a Communication outlining a set of tools to strengthen the economic governance of the EU and the euro area. Its cornerstone is the implementation of enhanced surveillance of fiscal policies, macroeconomic policies and structural reforms. Enhanced surveillance will be based on a 'European semester' and comes with an array of sanctions to prevent or correct the excesses that could jeopardize the financial stability of the EU and the euro area. The Stability and Growth Pact will be reinforced with particular attention given to the evolution of debt as well as public deficits. European Union governments that persistently violate the bloc’s rules on low budget deficits and public debts could be denied EU financial aid under the proposals. The European Commission will present the final version of its proposals in late September 2010. The EU’s efforts to reform its economic policymaking procedures have been complicated by a turf war between José Manuel Barroso, the Commission President, and Herman Van Rompuy, the new President of the European Council. The Commission is the traditional source of economic policy proposals, but Mr Van Rompuy won support from EU governments in March 2010 to run a task force that will come up with its own ideas on economic governance in October 2010. |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
