ECB calls on Brussels to toughen the punishment does not fulfil the economic rules of the EU States
The European Central Bank (ECB) urged EU leaders to toughen punishment of States that persistently ignore the economic rules in the EU, in particular, levels of budget deficit and current account.
The ECB noted that at very favourable economic conditions in the region last year, more than 90% of the recommendations of the European Commission “on the merits has not been completed” EU countries.
From a list of 90 of the reforms required by the regulator, only two reforms “on the merits were held,” reads the message of the ECB.
At the same time, the ECB noted that the data of the European Commission pointed to the record number of EU members, which in 2016 was identified “excessive imbalances”, for the second year in a row – Italy, Cyprus, Portugal, France, Bulgaria and Hungary.
ECB President Mario Draghi has repeatedly called on governments of EU member States to take the baton from the Central Bank and reforms that would support economic growth, writes the Financial Times .
The ECB believes that the EU should use all its available instruments, in the procedure for sanctions including imposition of fines, to achieve a more accurate implementation of its recommendations by member States.
“The use of such tools is desirable not only to improve the economic prospects of the country concerned, but also to facilitate the economic adjustment process within the Euro area, as well as to reduce vulnerabilities within the Eurozone. Thus, it is in the interests of the Eurozone as a whole”, – is spoken in the message of the ECB.