Macron and Draghi call for Maastricht’s rules to be reformed

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Emanuel Macron and Mario Dragi called her countries today The European Union to reshape them European financial rules defined by its criteria Maastricht, to allow more expenses for investments, while acknowledging that public debt should also be reduced.

“In the same way that these rules did not limit our response to the pandemic, they should no longer prevent us from making all the necessary investments,” the French and Italian leaders said in an opinion article published on the Financial Times website. .

Emanuel Macron had announced on December 9 that he wanted to make the reform of the Maastricht criteria a priority for the French EU presidency, calling the question “for or against the 3% threshold” in the deficit “outdated”.

His message, this time backed by the Italian prime minister, is to EU countries that are more committed to fiscal austerity, including those in northern Europe, which have expressed reservations about adopting a specific recovery budget following the pandemic. . And also in Germany the new chancellor Olaf Solz, who is currently much more cautious about the issue.

“We have to reduce our debt, there is no doubt about it, but we can not expect to achieve this by raising taxes or making unbearable cuts in social spending, or killing growth before it is born, balancing again. “public finances with a fiscal adjustment that would not be sustainable,” say the two leaders.

“We need to have more room for maneuver and be able to meet key costs that are necessary for our future and for our sovereignty. “The fiscal rules must favor the debt created to finance these investments, which undoubtedly contribute to the prosperity of future generations and to growth in the long run, given that these public expenditures actually contribute to debt sustainability in the long run.”

According to Elize, Emmanuel Macron is counting on the informal summit of EU Heads of State and Government to make “a quantitative assessment of investment needs, and the rules that must therefore evolve, including competition rules and trade rules, but also the European fiscal rules “,” which should be adapted to the challenges of the time “.

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