The ministers of EU Economy and Finance This Wednesday they reached a political agreement on the new deficit and debt control rules, that will give countries more room to set their pace of adjustment and include minimum requirements for fiscal discipline, as confirmed by European sources.

The pact, sealed during a videoconference meeting, was made possible after Germany and FranceThey reached an agreement the day before on the main lines of the reform of the Stability and Growth Pact and allows Spain to fulfill one of the great objectives that it had set for its presidency of the Council of the European Union.

After four years frozen by the pandemic, the Ministers of Economy and Finance of the European Union closed a political agreement this Wednesday. The pact has been forged after almost two hours of videoconference meeting and after months of discussions on the governance framework.

At this Wednesday’s meeting, once Italy has withdrawn its objections to having more fiscal space to boost the ecological transition of the industry, the way to the agreement of 27 has been cleared, European sources have confirmed to Europa Press.

In a message on social networks, the Spanish Presidency of the Council has celebrated what it considers “another historic milestone” during the Spanish semester. The governance agreement “ensures stability and growth” and underlines that the rules are “balanced”, “realistic” and “adjusted to present and future challenges.”

The new rules “will give certainty to financial markets and will reinforce confidence in the European economies”, underlined the First Vice President and Minister of Economy, Commerce and Business, Nadia Calviño, who highlighted the leadership of the Spanish Presidency in approving the new governance framework.

On the side of the Netherlands, the Minister of Finance, Sigrid Kaag, has claimed that the regulations give a “solid basis for national budgets” insisting that the agreement advances “an ambitious and sustainable debt reduction” while promoting reforms.