The European Commissioner does not see much scope for adjusting budget rules

The European Commission believes there is little scope for the European Parliament to amend new budget rules that could force EU countries to make cuts. EU countries still have to agree on the new rules with Parliament, and there are fears that this could destroy the economy. But if member states absorb Parliament too much, they will no longer be able to agree on their own, believes European Commissioner Paolo Gentiloni (Economics).

Gentiloni, who proposed the new rules for national debt and budget deficits and mediates between the EU27 and Parliament, believes there is room for improvement. Upon his arrival to hold consultations with the finance ministers of euro zone countries, he said that he sees “a little space, but enough.” Not only to find a solution together, but also to pull the EU countries in the right direction. So “we will soon have a better deal” than what ministers reached together last month.

New Dutch Finance Minister Steffen van Weyenberg also expressed his “full confidence” in reaching a good outcome, although time is running out. Ministers have spent so much time discussing the highly sensitive new rules that there is now less than a month left to finalize them before Parliament prepares for the European elections. If this does not work, there is a risk of long delays and most of the work will likely have to be redone.

An agreement has finally been reached, and now “we are trying to do this together as quickly as possible,” notes Van Weinberg. “I'm really confident this will work.”