will the European totem of budgetary austerity be brought down by the crisis?

ANALYSIS – Faced with the intransigence of the countries of the North, Paris once again called for a lasting “review” of the rules of the EU’s economic policy.

Some decades-old rules, such as a public deficit limited to 3% of GDP or a public debt capped at 60% of GDP, may seem obsolete today.
Some decades-old rules, such as a public deficit limited to 3% of GDP or a public debt capped at 60% of GDP, may seem obsolete today. MARTIN BUREAU / AFP

One more attack by France against budgetary austerity. In line with Emmanuel Macron, for whom the rule of 3% deficit is “a debate from another century», Secretary of State for European Affairs, Clément Beaune, launched a new charge on Tuesday. He signified France’s opposition to a return of the rules of budgetary discipline as they existed in the European Union before their suspension due to the Covid-19 crisis, last March. “We can’t imagine putting the same Pact back in placeOf Stability and Growth (PSC), which sets these rules, he said. “Do we need fiscal rules? Certainly. Should we review them? Certainly also», He continued.

This position taken by France is part of a broader context: in February, the Commission launched a European Union “economic governance review”. This was provided for by the legislative packages nicknamed “six-pack

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