Macron says EU’s post-COVID economy needs new budget rules | Dec 9, 2021 at 7:41 PM
  • The European Union needs to rethink its budget framework and alter deficit rules to encourage post-pandemic investment and foster growth as the world seeks to emerge from the COVID-19 crisis, French President Emmanuel Macron said on Thursday.
  • Macron himself had made bringing the French budget deficit below the EU-mandated 3% a cornerstone of his economic strategy at the start of his presidency in 2017 to restore France’s fiscal credibility with Berlin.
  • The EU launched a review of its fiscal rule book in October to better reflect the new reality of higher public debt and the huge costs of transitioning to a net zero-emissions economy.