The EU Economy and Finance Ministers reached a political agreement this Wednesday on the new rules of deficit and debt controlwhich will give countries more room to set their pace of adjustment and include minimum requirements for fiscal discipline, as confirmed by the Spanish presidency of the Council of the EU.

The pact, sealed during a videoconference meeting after almost two hours of meeting, was possible after Germany and France reached an agreement the day before on the main lines of the reform of the Stability and Growth Pact and allows Spain to fulfill one of the major objectives that it had set for its presidency of the Council of the European Union.

Once Italy has withdrawn its objections to have more fiscal space to promote the ecological transition of the industry, the path to the 27 agreement has been cleared, European sources have confirmed to Europa Press.

In a message on social networks, the Spanish Presidency of the Council has celebrated what it considers “another historic milestone” during the Spanish semester. The governance agreement “ensures stability and growth” and emphasizes that the standards are “balanced”, “realistic” and “adjusted to present and future challenges”.

The new rules “will certainty to financial markets and will reinforce confidence in European economies,” stressed the First Vice President and Minister of Economy, Commerce and Business, Nadia Calvinowho highlighted the leadership of the Spanish Presidency to approve the new governance framework.

On the side of the Netherlands, the Minister of Finance, Sigrid Kaaghas claimed that the standards give a “solid basis for national budgets” insisting that the agreement advances “an ambitious and sustainable debt reduction” while promoting reforms.