B. Schäuble: Take the ESM control of budget discipline in the eurozone
B. Schäuble: Take the ESM control of budget discipline in the eurozone
Take the European Stability Mechanism (ESM) monitor compliance with budgetary discipline in the euro zone and not the European Commission today called for an interview in the German newspaper «Stuttgarter Zeitung», the German Finance Minister and advocate of balanced budgets, Wolfgang Schaeuble.
According to V.. Schaeuble, as Commission President Jean-Claude Juncker has assumed a political role that is inconsistent "with its role as the neutral guardian of the treaties" of Europe, you should find another way to the stability of eurozone down rules on deficits actually implemented.
"That is why I say that we can drive the European fund for crises, the ESM, to be developed in such a direction in each case for the monetary union countries. The ESM adjudicate on projections of budgets not politically but according to the strict rules ", shall state in his interview.
The eurozone countries have to submit each year to the European Commission their draft budgets. These forecasts should normally adhere to two basic criteria: rate of public debt below 60% of GDP and, above all, fiscal deficit below 3% of GDP.
So far, despite the debt crisis, no country has been sanctioned for violating these rules, which Schauble, the German name, is the most ardent supporter.
The German finance minister seems to believe that it has been given too much freedom of action in some countries from the European Commission Juncker because the latter is guided by political considerations.
Take the European Stability Mechanism (ESM) monitor compliance with budgetary discipline in the euro zone and not the European Commission today called for an interview in the German newspaper «Stuttgarter Zeitung», the German Finance Minister and advocate of balanced budgets, Wolfgang Schaeuble.
According to V.. Schaeuble, as Commission President Jean-Claude Juncker has assumed a political role that is inconsistent "with its role as the neutral guardian of the treaties" of Europe, you should find another way to the stability of eurozone down rules on deficits actually implemented.
"That is why I say that we can drive the European fund for crises, the ESM, to be developed in such a direction in each case for the monetary union countries. The ESM adjudicate on projections of budgets not politically but according to the strict rules ", shall state in his interview.
The eurozone countries have to submit each year to the European Commission their draft budgets. These forecasts should normally adhere to two basic criteria: rate of public debt below 60% of GDP and, above all, fiscal deficit below 3% of GDP.
So far, despite the debt crisis, no country has been sanctioned for violating these rules, which Schauble, the German name, is the most ardent supporter.
The German finance minister seems to believe that it has been given too much freedom of action in some countries from the European Commission Juncker because the latter is guided by political considerations.
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