This article**[CCTV News Client];
The finance ministers of EU member states failed to reach an agreement on reforming the EU's fiscal rules on the 8th. Calviño, the Minister of Economy of Spain, who holds the rotating presidency of the European Union, said that the European Union may meet again on this issue this month.
The European Union began discussions on reforming EU fiscal rules on the 7th. After marathon consultations, the EU still failed to reach an agreement on a common position on the 8th. Some countries, led by Germany, and some countries, represented by France, still differ on reducing their deficits.
Countries such as Germany insist on ensuring that EU member states accelerate deficit reduction. German Finance Minister Lindner said on the 8th that some progress has been made in the negotiations, but there is still a lot of work to be done on the specific figures of the final agreement.
Countries such as France want more room for manoeuvre and allow more money to invest. French Finance Minister Jean-Michel Le Maire expressed optimism about the prospects for moving forward with fiscal rule reform, hoping to reach an agreement by the end of the year.
Calviño said the European Union** could meet again in the week starting December 18 to try to reach an agreement on reforming the EU's fiscal rules.
According to the EU's Stability and Growth Pact, EU member states must have annual fiscal deficits of no more than 3% of their gross domestic product (GDP) and public debt must not exceed 60% of GDP. Against the backdrop of a sluggish economic recovery, a number of member states have called for reforms to the EU's fiscal rules to give countries more flexibility and space. Due to the coronavirus pandemic and the Russia-Ukraine conflict, the EU has suspended the implementation of the Stability and Growth Pact and will not reintroduce it until early next year.