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German finance minister Christian Lindner has led the drive for more stringent spending rules throughout 2023 (Photo: FDP/Matthias Hornung)

'A prosperous New Year'? EU heads for austerity in 2024

It is all but certain that much of the EU is heading towards austerity in 2024.

With record high-interest rates, and worn out by a year of protracted debates about fiscal rules, even the least frugal governments have now accepted the reimposition of hard debt-and-deficit limits that will see about half of all EU members having to impose budget cuts in 2024.

Before we dive into that, it is worthwhile looking back for a minute to the end of 2022 when we were still wondering whethe...

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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.

German finance minister Christian Lindner has led the drive for more stringent spending rules throughout 2023 (Photo: FDP/Matthias Hornung)

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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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