EU’s incoming economy chief asks for budgetary policies overhaul

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EU’s incoming economy chief asks for budgetary policies overhaul

The incoming designated economics commissioner of the European Union said in an article published on Sunday that the bloc needs a fiscal rulebook overhaul that will favor loosening the budgetary policies.

As stated in the Italian financial daily, Paolo Gentiloni said that the debt rules of the EU must be reviewed and updated.

“It’s time for countries which have fiscal space to use it, in an overall context of less restrictive budgetary policies,” Gentiloni said.

The incoming commissioner added that “the risks of a prolonged period of low growth must not be overlooked,” especially that the economy of the EU is slowing. He also stressed that it is not only the easing of monetary policy that is needed to b3e done to stimulate and beef up the economy.

Gentiloni will be playing a crucial role in reviewing the draft 2020 budget of Italy submitted to the bloc a week ago.

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