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The European Commission will on Wednesday propose changes to the EU's debt rules that would allow each of the bloc's 27 countries to negotiate its own debt reduction path, the length of which ...
Article 7.3: Once the European Council has unanimously decided that the breach is still occurring, the Council then votes by qualified majority to suspend rights of the accused country, including voting rights within the Council, until all duties are fulfilled.
There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution [18] Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and ...
Article 7 of the Treaty on European Union allows investigation of the member states that don't comply with the rule of law and subsequent levying of sanctions. Article 7 investigations were opened against Poland and then Hungary; so far without recommendations, the reason being that all the countries of the EU, except the member state being ...
A country investing in cross-border EU defence projects should be given more time to cut its public debt under EU fiscal rules, the head of the European Commission said on Thursday. The fiscal ...
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–08 period that encouraged high-risk lending and borrowing practices; the 2007–2008 ...
It would mutualise eurozone debt above 60%, combining it with a bold debt reduction scheme for countries not on life support from the EFSF. [7] In January 2012, a working group within the European League for Economic Cooperation unveiled a blueprint for a Euro T-Bill Fund. The proposal, which elaborates further on a concept first introduced by ...
The four main criteria, which actually comprise five criteria as the "fiscal criterion" consists of both a "debt criterion" and a "deficit criterion", are based on Article 140 (ex article 121.1) of the Treaty on the Functioning of the European Union. Full EMU membership is only open to EU member states.