“The 60 percent are obsolete”

Paris France is promoting a comprehensive reform of the debt rules in the euro zone to the future federal government. “If you look at the debt level after the corona crisis, you will see a range of up to 100 percentage points between individual euro members,” said French Finance Minister Bruno Le Maire to the Handelsblatt. “The question is: Do we continue to apply rules such as the obsolete 60 percent limit for national debt, or do we try together and calmly to think about new rules?”

France wants to accelerate the debate during its EU Council Presidency in the first half of 2022 and is hoping for German support. “We propose rules that take into account the economic and fiscal situation of each country,” said Le Maire.

Accordingly, the three percent target for the budget deficit is also up for discussion. The euro countries would have to get their deficits under control, said Le Maire. “But we want rules that do not hinder indispensable investments in new technologies and the fight against climate change.”