Economic ministers of the European Union on Friday reached a “broad consensus” to tighten sanctions and non-financial, and even create new penalties against countries that exceed the 3% deficit that marks the Stability and Growth Pact (SGP).
“I am not surprised, but I was pleased that everyone is willing to move toward a stability pact that we must apply strong. If you need sanctions, create new sanctions, most of which are now under PEC, “stressed the president of the European Council.
Germany has called for the punishment of those countries, causing a risk of debt crisis with EU aid freeze, and in severe cases, with one year suspension of voting rights in the Council of EU ministers .
At this point you are looking for the rescue of Greece with a fund of 750,000 million euros that would curb the spread of the Greek crisis in Spain and Portugal.
The PEC and imposes penalties on countries that exceed the deficit limit, but so far never been implemented.
“In the past, corrective measures against the debt crisis was taken too late, the available legal instruments were not used to a sufficient” admitted the president of the European Council. However, he assured that all countries are now convinced of the need to ensure fiscal discipline.