Eurogroup president Jeroen Dijsselbloem has criticised European Commission President Jean-Claude Juncker for saying that the European Commission has given France leeway on fiscal rules “because it is France”.
“If the Commission President says that things apply differently for France, then this really damages the credibility of the Commission as guardian of the pact,” Dijsselbloem said in an interview with German daily Sueddeutsche Zeitung and six other European newspapers.
On Tuesday, asked why the Commission had on several occasions turned a blind eye to French infractions, Juncker said in an interview with the French senate television Public Sénat that it did so “because it is France”.
“It would be wise for the Commission to pay a little more attention to its credibility,” said Dijsselbloem, adding that member states needed an “objective arbitrator” who upholds the budget rules manifested in the Stability and Growth Pact.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
Latest posts by Craig Erlam (see all)
- EUR/USD – On its way to parity? - 12 May 2022
- Bitcoin – A devastating blow - 12 May 2022
- Market Insights Podcast (Episode 329) - 12 May 2022