About: SGP

Economic governance 17-07-2017

European fiscal board chief: ‘Stop talking about recovery, we are approaching normality’

Arguably, the EU’s economic governance framework is one of the most divisive issues among member states and top priority in Europe’s to-do list of outstanding reforms. Niels Thygesen does not shy away from this challenge. After questioning European Commission fiscal stance for this year recommendation, he proposed a return to a more ‘prudent’ orientation for 2018. In October, he will address one of the hottest topics: whether the application of the Stability and Growth Pact (SGP) unfairly favoured countries like France.

Economic governance 23-05-2017

Moscovici: Italy, Portugal, Spain fiscal progress ‘good news’

Portugal, Italy and Spain became yesterday (22 May) illustrative examples of the new period Europe enjoys. The executive congratulated Lisbon and Madrid for turning their economies upside down, just one year after they became the first countries that breached the fiscal rules, while it gave its blessing to Rome’s adjustments, one of the eurozone’s troublemakers.

Euro & Finance 01-02-2017

Member states warn EU fiscal supervision ‘inadequate’

Rules to control national spending are “complex” and the current approach is “inadequate”, the chair of the EU Network of Independent Fiscal Institutions, José Luis Escrivá, said on Tuesday (31 January).

Elections 26-01-2017

French presidential hopeful says EU’s ‘3% public deficit dogma must end’

During a TV debate yesterday evening (25 January), both contenders for the Socialist ticket in the French Presidential election said they would loosen the country’s purse strings, with Benoît Hamon going a step further by promising to end the EU's “3% deficit dogma”. EURACTIV France reports.

Euro & Finance 19-01-2017

Rutte and Schulz take the gloves off in front of Davos elite

Dutch Prime Minister Mark Rutte and former European Parliament President Martin Schulz clashed over the strategy to relaunch the Union, illustrating the deep division at Europe’s helm in front of the global audience of the World Economic Forum.

Euro & Finance 14-12-2016

EU leaders to turn a blind eye to Commission’s fiscal stimulus call

The European Council is expected to ignore the Commission’s call for €50 billion in eurozone stimulus, seen by the Commissioners as an “ambitious” step toward a budgetary union.

Euro & Finance 09-12-2016

European Fiscal Board chief: Commission’s analysis ‘made a bit too quickly’

The new European Fiscal Board began working just as the European Commission took the unprecedented step of proposing a fiscal target for the eurozone. The Board’s chief, Niels Thygesen told EURACTIV.com that the Commission should have done “more analysis” before proposing an expansionist stance.

Euro & Finance 17-11-2016

Brussels makes timid fiscal push to reverse austerity, counter populist wave

The European Commission stepped up its efforts to leave austerity behind on Wednesday (16 November) by advocating for the first time a timid expansionary fiscal policy for the eurozone and forgiving Spain and Portugal for breaching EU budget rules.

Euro & Finance 09-11-2016

Italy and Spain: A tale of two deficits

While Italy has opted for a confrontational approach to clinch budget spending leeway from the European Commission, Spain is hoping that better-than-expected growth will placate EU demands.

Euro & Finance 04-11-2016

Guindos’ reappointment hailed by Eurogroup, Commission

EU officials in Brussels welcomed the confirmation of Luis de Guindos as Spain's economic affairs minister for a second term. The man is considered as an “extremely able” envoy of the Madrid government.

Euro & Finance 20-10-2016

Commission’s top advisor championed market ‘discipline’ in crisis years

Niels Thygesen, the new chair of the European Fiscal Board, called for “ambiguity” in the eurozone’s rescue mechanisms in order to let investors “impose discipline” on national governments.

Euro & Finance 06-10-2016

Parliament secures extra time for Portugal and Spain before freezing EU funds

The European Parliament gave some leeway to Spain and Portugal on Thursday (6) before an expected suspension of EU funds takes place, as MEPs decided to continue their assessment by calling their finance ministers

Euro & Finance 04-10-2016

MEPs oppose ‘immoral’ suspension of EU funds for Spain and Portugal

A broad majority of MEPs spoke against freezing EU funds for Spain and Portugal at a European Parliament session late on Monday (3 October), saying such a decision would be “immoral”, “unfair”, “counterproductive” and even “illegal”.

Euro & Finance 12-09-2016

ECB warns against weak application of deficit rules

The ECB issued a strong warning to the EU institutions on Friday (9 September) about the “long-term consequences” of poor implementation of the fiscal rules, in the aftermath of the partial pardons given to Spain and Portugal, after they missed their deficit targets.

Euro & Finance 08-09-2016

Brussels willing to grant Spain more time to submit fiscal measures

EU officials have responded with a conciliatory tone to Spain’s difficulties in meeting agreed fiscal targets as new elections loom in December to break the ongoing political stalemate.

Euro & Finance 28-07-2016

Commission split on credibility of rules as Spain and Portugal get ‘pardon’

A strong group of commissioners was in favour on Wednesday (27 July) of imposing at least a symbolic fine on Spain and Portugal for breaching the Stability and Growth Pact, but Jean-Claude Juncker opted for a zero penalty - supported by German Finance Minister Wolfgang Schauble.

Euro & Finance 27-07-2016

Italy and Spain test EU’s ‘intelligent’ use of economic rules

The European Commission is expected to fine Spain on Wednesday (26 July), but it will give two extra years to Madrid to adjust its budget - while the commissioners pledge a solution for Italian banks that will protect small investors.

Euro & Finance 21-07-2016

MEPs step in to ease sanctions over deficit rules

The European Parliament’s intervention “would benefit” Spain and Portugal, as they face the freezing of millions in EU funds for having breached fiscal rules, sources told EURACTIV.com.

[EU Council Eurozone/Flickr]
Euro & Finance 18-07-2016

Spain and Portugal pledge new measures to avoid EU deficit fines

Both Spain and Portugal have submitted their arguments to the European Commission in a bid to avoid penalties for breaching the fiscal rules, expected to be announced on 27 July.

Euro & Finance 05-07-2016

Spain and Portugal braced for EU deficit verdict on 12 July

The Slovak presidency of the EU expects the European Commission to recommend sanctions against Spain and Portugal for breaching EU budget deficit rules this week, in time for a decision at the upcoming Ecofin meeting of finance ministers on 12 July.

Euro & Finance 01-07-2016

Spain, Portugal sanctions on the table despite Brexit, EU warns

The European Commission will make a final decision next Tuesday (5 July) on whether to launch sanction procedures against Spain and Portugal for breaching EU fiscal rules, officials told EURACTIV.com.

Euro & Finance 18-05-2016

Spanish elections delay potential budget deficit fines

The European Commission today (18 May) decided to delay potential fines against Madrid and Portugal for failing to meet their budget deficit targets, partly becuase of the upcoming Spanish elections on 26 June.

Euro & Finance 18-05-2016

Commission to punish Spain and Portugal, ‘pardon’ Italy, on deficits

Spain and Portugal will get only one extra year to fulfil EU fiscal rules on their defecits, once sanctions against both countries are adopted, while Italy will escape an infringement procedure, EURACTIV.com has learned.

Euro & Finance 11-05-2016

Commission to recommend sanctions against Spain and Portugal

EXCLUSIVE / The European Commission will launch a sanctions procedure against Spain and Portugal or the first time, as the college concluded on Tuesday (10 May) that the two countries have not made “sufficient effort” to cut their deficits, EURACTIV.com has learned.