Dijsselbloem Wants Focus on Budgets Not Spending

The European Commission should focus on enforcing European Union budget rules rather than proposing fiscal stimulus, the chair of the Eurogroup of euro zone finance ministers said on Tuesday, in remarks that echo Germany’s position on tight spending.

With euroscepticism growing in Europe after years of slow growth and persistent unemployment, the commission – the executive arm of the EU – proposed earlier in November loosening budget policy for the 19-country euro zone. It suggested fiscal expansion of 0.5 percent of gross domestic product next year.

But Jeroen Dijsselbloem challenged those proposals at a hearing of the economic affairs committee of the European Parliament, reminding the Commission that its role is to monitor the application of fiscal rules in EU countries.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.