European Union leaders will today back a slightly tighter fiscal policy for the euro zone next year, to help bring down inflation and make public finance more stable after the excess spending of the Covid pandemic and the energy price crisis.
The endorsement comes after finance ministers of the 20 countries using the euro agreed on March 11 on fiscal policy guidelines for 2025 to take into account new fiscal rules that give more time to cut debt while maintaining investment.
"This would be appropriate in light of the current macroeconomic outlook, of the need to continue to enhance fiscal sustainability, and to support the ongoing disinflationary process, while policies should remain agile in view of the prevailing uncertainty," the endorsed recommendation says. The leaders will also endorse a plan agreed by EU finance ministers on how to attract private capital to Europe to finance the continent's costly transition to a greener and more digital economy while competing with China and the United States for key technologies and raw materials.
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