The COVID-19 crisis has shown that the European Union’s fiscal rules work and are flexible enough, German Finance Minister Olaf Scholz said, adding that any debate on reforming the Stability and Growth Pact should focus on how to preserve its rules.
“We have a good (fiscal) framework for stability in Europe and it has proven itself, especially during the crisis now, to be really practical,” Scholz said on the sidelines of a meeting of EU finance ministers in the Slovenian town of Brdo on Friday.
“Of course, now it’s all about how to preserve these good rules,” Scholz added. “They have passed their practical test.”
Source: Reuters (Reporting by Michael Nienaber, Editing by Douglas Busvine)