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Paschal Donohoe, president of the Eurogroup (Photo: EU Commission)

EU agrees to cut spending for 2024, despite investment needs

EU finance ministers meeting in Brussels on Thursday (14 July) agreed to slash government spending for 2024 to "reduce deficits and debt ratios over time."

"We will achieve the necessary overall restrictive fiscal stance in the euro area for 2024 by implementing the fiscal recommendations by all euro area member states," said Eurogroup chief Paschal Donohoe in a statement late Thursday.

Public spending over the period 2020 and 2022 was expansionary to deal with Covid-19 and the Ru...

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

Paschal Donohoe, president of the Eurogroup (Photo: EU Commission)

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

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