On the same day that angry protests swept across European cities - the largest in Brussels, near the EU Commission - saying 'no to austerity measures', the EU Commission presented new proposals for economic governance with particular regard to fiscal deficits:
All of which in the present climate will force countries to run more austerity policies. Whoops.
Finally, because our proposals are directly and immediately applicable to the Euro area countries, therefore addressing some of the roots of the recent crisis of sovereign debt in the Euro area.
We will consider excessive deficits and excessive debts on an equal basis. Debt is as damaging and needs to be addressed more seriously than in the past. To help member states coordinate more effectively their fiscal policies, we propose minimum requirements for national fiscal frameworks to make sure that they are in line with Treaty obligations.