C. Bastasin – New wine in an old bottle: an update on the revision of EU fiscal rules
In the next two meetings, on November 9 and December 8, Ecofin (The council of the finance ministers of the EU countries) is expected to make substantial progress in the finalization of the announced reform of the EU fiscal rules. Originally, a decision on the new fiscal framework was expected to be reached before the end of 2023. The commitment to that deadline, however, is now becoming less compelling. A deal would necessitate not only the agreement on a legal text in the Council, but also the start of a dialogue with the European Parliament that might protract the process. Although the eventuality of a swift agreement, strongly advocated by the European Central Bank, cannot be dismissed, it is possible that the final decision will only take place in the first quarter of 2024. Consequently, the revised fiscal rules are unlikely to apply next year and could start being applied in 2025.