Vladimír Urbánek (Kurzy.cz)
Markets  |  March 05, 2013 12:12:17

EK is willing to Soothe the rules of budgetary austerity, the original rules must be flexible

Eurozone finance ministers have expressed in the ongoing summit among other common will to modify the previously established rules of budgetary austerity. Ministers and receding pressure increasing resistance to the "flat-rate, across the board" approach rules to specific developments in individual countries.
According to the Monetary Commissioner Olli Rehn is to be expected that the problems of the country and the resistance of people against the strict rules of budget cuts will result in some cases, revisions to specific deadlines specified conditions. However this should not mean that the EU will be made generally "lenient" towards non-compliance with the rules and deadlines.

Eurozone faces ever-growing imbalance between economic development and healthy functioning realtivně north, which follows in the footsteps of Germany (Finland, Belgium and Luxembourg), and south of the euro area, which is facing serious problems.
According to French Finance Minister Pierre Moscovici need to find the "right rhythm", which is optimal for achieving the set goals, but will not threaten fragile economic growth across the Union and the individual economies. France falls somewhere on the border between the north and the declining functioning south eurozone.

German Chancellor Merkel, who has recently been increasingly criticized by the problematic countries indicated that it is very sensitive to criticism regarding the exaggerated requirements for the implementation of budgetary savings. Merkel noted that the drive for fiscal consolidation resulted in a significant shift and always discuss how it will affect economic growth. Never, however, did not appear where a potential growth had actually taken.

EK already discussed last year, and subsequently recommended the extension of certain deadlines for the fulfillment of the conditions for Portugal, Greece and Spain. Now the European Commission is considering providing more time also for France.
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EK je svolná k mírnění pravidel rozpočtové strohosti, původní pravidla musí být flexibilní

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