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EU finance ministers reach deal on reform of fiscal rules
05:50
Europe
EU finance ministers reach deal on reform of fiscal rules
On Wednesday, European Union finance ministers agreed on the latest reform of the bloc's fiscal rules, allowing more time to cut public debt and creating incentives for public investments. Debt levels were pushed to record highs by pandemic recovery programs, The new rules are more lenient than the previous framework, marking a win for the mostly southern countries led by France, and come at a time when the region is expected to embark on new spending to keep its climate and security goals on track. Eurozone debt, while declining, remains historically high at around 90 percent of gross domestic product. But for these six countries Greece, Italy, France, Spain, Portugal, and Belgium it is more than 100 percent.
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