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Italy is struggling with a debt of around 150 percent of GDP, while Greece has seen its debt balloon to 186 percent of GDP after the financial crisis (Photo: wfabry)

EU Commission pitches loosening fiscal rules for ‘new reality’

The EU Commission on Wednesday (9 November) presented long-awaited proposals on redrawing fiscal rules for the bloc — after a decade of austerity left European countries exposed to the new challenges of energy and price hikes.

The fresh rules, seemingly inspired by the Covid-19 recovery fund structure, would have governments negotiate a four-year debt reduction path with the commission and then have EU ministers give their green light to it.

Those four years could be extended to...

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Author Bio

Eszter Zalan is a Hungarian journalist who worked for Brussels-based news portal EUobserver specialising in European politics, focusing on populism and Brexit.

Italy is struggling with a debt of around 150 percent of GDP, while Greece has seen its debt balloon to 186 percent of GDP after the financial crisis (Photo: wfabry)

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Author Bio

Eszter Zalan is a Hungarian journalist who worked for Brussels-based news portal EUobserver specialising in European politics, focusing on populism and Brexit.

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