Brussels postpones the debt problem

The EU Commission recommends that the general escape clause of the Stability and Growth Pact be applied in 2023 as well and that the strict debt rules for the eurozone not be returned to until 2024. Because of major uncertainties and downside risks, the rules – new debt below 3 percent of economic output, debt level not exceeding 60 percent – could not be fully implemented next year either, Commission Vice President Valdis Dombrovskis said on Monday in Brussels. However, that was no carte blanche to run up debts.

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