The regulation proposal presented on April 26, 2023 by the European Commission marks an important step, but by no means conclusive, in the process of reforming the rules of European economic governance. The proposal (and the related documents reforming the existing legislation)  is likely to be followed by a heated confrontation between the governments within the European Council and a debate in the European Parliament. On April 26, the Commission proved that it intends to maintain its former orientations, but it is possible that the clash within the EU Council will continue for months and that the expected deadline, the end of 2023 or at the latest May 2024, will only be reached at the cost of compromises. These compromises, however, are still hard to determine. The reform of the Stability Pact is a hot issue in the public discourse of several countries, starting with Germany, which has already responded rudely to the Commission’s proposal. But the reform is of existential significance also for Italy.

Read the document