Eu­ro­pean re­forms to li­mit the fi­nan­cial cri­sis risks

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Eco­no­mic go­ver­nance streng­thens(4)

The eco­no­mic go­ver­nance “six pack” will al­low the Eu­ro­pean Com­mis­sion to take ac­tion when dea­ling with mem­ber States of the Eu­ro area with un­sus­tai­nable bud­ge­ta­ry (dis­tinc­tions to be drawn bet­ween “heal­thy” and “un­heal­thy” ex­pen­di­ture) and ma­cro-eco­no­mic po­li­cies (ac­coun­ta­bi­li­ty of de­ci­sion-ma­kers).

This agree­ment aims to streng­then the rules of the Sta­bi­li­ty and Growth Pact (bud­get de­fi­cits be­low 3% of GDP; go­vern­ment debts be­low 60% of GDP). Un­til now, the rules gave im­por­tance to bud­get de­fi­cits re­duc­tion. Those new rules will give im­por­tance to debt re­duc­tion al­so.

The Eu­ro­pean di­rec­tive on the draft bank re­co­ve­ry will in­tro­duce the “bail-in” prin­ciple by Ja­nua­ry 2016. It en­sures that tax­payers will not be first in line to pay for bank fai­lures.

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