New procedures for the European stability pact, stricter controls and severe sanctions for non-compliant countries. These are the guidelines for the reform of economic governance approved today by the European Parliament meeting in Strasbourg. In particular, the part of the package concerning the new tools to correct macroeconomic imbalances passed with a large majority. These include too marked differences in competitiveness, excessive deficit or surplus (and this is new) in the trade balance.
More controversial, however, is the go-ahead for other provisions that seem to favor budget correction rather than recovery and employment. Center-left parties voted against or abstained from these measures.
In any case, from today the governments of the Eurozone that fail to reach the targets on the deficit or public debt will no longer be able to take lightly the calls of the European Commission. In fact, to reject these warnings, the vote of the European Council will be necessary, which will have to explain its reasons in a public debate before the European Parliament. Otherwise, 10 days after publication, the corrections suggested by the Commission will become applicable.
The Strasbourg assembly has also obtained the ability to invite the finance ministers of the countries that will receive a warning from the Commission to public hearings.
