Berlin has proposed to its EU partners the creation of a commission of independent experts to oversee the financial and budgetary policy in the European Union (EU), said the German weekly “Der Spiegel”.
The initiative, explained in an internal document of the Ministry of Finance has access to that publication, would reinforce the functions work with the European Commissioner for Finance.
The panel’s overall mission would monitor the public accounts of all members and the general situation in the euro area and EU, and warn of possible deviations from the doctrine of consolidation.
In particular, would be responsible for “monitoring the compatibility of national financial policies with the European requirements and national,” says the text, referring to the commitments made by the 25 countries that have signed the Fiscal Pact.
This agreement requires the signatories to the deficit in public accounts does not exceed 0.5% of gross domestic product (GDP) as the national public debt is progressively reduced to not exceed 60% of GDP.
In addition, the German proposal that calls for independent commission to control “the implementation of national and European legislative body” in relation to financial policy.
Category: Business News