Ukraine: Europe to suspend EU debt rules for another year
The European Commission has proposed suspending strict fiscal rules in the European Union (EU) for an additional year, amid the economic fallout from the Ukraine war.
EU trade commissioner Valdis Dombrovskis, who stated this during a news conference on Monday in Brussels, explained that the proposal was to help EU member states “weather the storm’’ of Russia’s invasion of Ukraine.
The commission was expected to reinstate the EU’s Stability and Growth Pact in 2023 as the bloc’s economies improve. However, the war in Ukraine renewed calls for an extension.
EU member states are now expected to agree to the proposal.
The pact stipulates that member states may not take on more than 60 per cent of their economic output in debt and caps budget deficits at three per cent of gross domestic product.
The commission shelved the debt and deficit rules until 2023, in the early days of the pandemic.
This was due to the high debt burden EU member states had to take on to cushion the economic impact of COVID-19.
(dpa/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Economy
Nigeria’s GDP improved by 3.11% in Q1 of 2022: NBS
The NBS said the first quarter 2022 growth rate further represents an improvement in economic performance.
Africa
Ethiopia arrested 4,000 in Amhara region crackdown: Official
The arrest Monday is part of a wider crackdown against militia fighters, critics, and the press.
Health
Africa loses 300,000 women, children yearly to firewood smoke: Adesina
AfDB president Akinwumi Adesina said that nine out of the 10 most vulnerable countries to climate change were in Africa.
Health
Portugal reports 14 new confirmed monkeypox cases
With the health authorities’ new figure, the total tally of confirmed monkeypox cases now stands at 37.
Abuja
Emefiele withdraws lawsuit, backs down from presidential contest
His membership in the ruling party, however, is likely to keep generating anger amongst Nigerians and foreign investors who believe the CBN should be an independent institution.
Education
Adamu should take over ASUU strike negotiations from Ngige: Clark
The elder statesman said that education matters ought to be handled by someone who appreciates the effect of the strike.
