STOCKHOLM – The European Union will likely struggle to meet a deadline to resolve differences on the bloc’s spending limits by the end of the year, setting up a possible return to old debt rules that would crimp some governments’ ability to stimulate their economies.
The European Commission, the EU’s executive arm, set out legislative proposals this week to reform the Stability and Growth Pact that would give greater leeway to member states to set their own fiscal trajectories and allow for investment in areas such as green energy, digital infrastructure and defence.
Ms Lagarde welcomed key aspects of the commission’s plan, including increased national ownership of fiscal paths, a medium-term approach and stronger enforcement, adding that the ECB is preparing an opinion. European Commission Vice President Valdis Dombrovskis told reporters the timetable is “very ambitious” and said it’s hard to predict how long the legislative process will take.
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