“Member States are invited to set out fiscal targets in their stability and convergence programmes that comply with the fiscal adjustment criteria set out in the Commission’s reform orientations. They are also invited to discuss how their reform and investment plans are expected to contribute to fiscal sustainability and sustainable and inclusive growth, including the green and digital transition and resilience objectives, in line with the criteria set out in the reform orientations,” the EC said in a press release.
EC is ready to propose country-specific recommendations on fiscal policy for 2024 that include a quantitative requirement as well as qualitative guidance on investment and energy measures. They will be consistent with the criteria proposed in EC’s orientations, while also remaining consistent with the current legislation under the Stability and Growth Pact.
The Commission stands ready to propose country-specific recommendations that are in line with the fiscal targets Member States set out in their stability and convergence programmes, so long as those targets are consistent with ensuring that the public debt ratio is put on a downward path or stays at a prudent level and that the budget deficit is below the 3 per cent of GDP reference value over the medium term; quantified and differentiated on the basis of Member States’ public debt challenges; formulated on the basis of net primary expenditure, as proposed in the Commission’s reform orientations.
In addition, the Commission will continue to emphasise public investment in its country-specific recommendations on fiscal policy. All Member States should continue to protect nationally financed investment and ensure the effective use of funds under the Recovery and Resilience Facility and other EU funds, in particular for the green and digital transitions and resilience objectives.
The country-specific recommendations will also provide guidance regarding the fiscal cost of energy measures.
Fibre2Fashion News Desk (KD)