Spain and The Netherlands call for a renewed EU Fiscal Framework fit for current and future challenges
Spain and The Netherlands have presented, through their respective Economy and Finance ministers, the vice minister presidents, a joint paper calling for a renewed fiscal framework that is fit for current and future challenges, a roadmap to complete the Banking Union, and a strengthened Capital Markets Union.
With the response to the pandemic and the war in Ukraine clearly in the foreground, this joint document – presented by Spain and The Netherlands, two countries traditionally identified with divergent positions on this matter – emphasizes the need to find consensus.
A reformed European Fiscal Rules should deliver on “the core objective of reinforcing fiscal sustainability through country-specific consolidation strategies that are realistic, gradual but ambitious, as well as compatible with economic growth and job creation” Furthermore, the paper mentions the need for economic reforms, high quality public investments and clear safeguards.
Following the meeting between the President of the Spanish Government, Pedro Sánchez, and the Dutch Prime Minister, Mark Rutte, Spain and the Netherlands reinforce their collaboration in key medium-term economic priorities.
In a joint press conference with Minister Kaag in Luxembourg, in the margins of the Eurogroup, Vice President Calviño highlighted the need to "leave behind divisive debates and build on the basis of the strong existing consensus in key areas to strengthen the European economy and face present and future challenges”. Vice President Kaag emphasized that the Netherlands wants to “take a constructive approach in the debate and stressed the need for cooperation.”