The European Commission launched on Wednesday (6 February) a consultation with member states, the European Parliament and other stakeholders to review the EU’s fiscal rules, the Stability and Growth Pact.
The review comes as part of a multi-front effort to channel billions of euros into making the European economy more sustainable and achieving the zero-emission goal by 2050.
The aim is to simplify a set of rules considered “too complex” and based on “non-observable” indicators, said Commission vice-president Valdis Dombrovskis.
As part of the review, Dombrovskis said, the inclusion of a so-called ‘golden rule’ to support the ‘green’ investments will be part of the debate.
The consideration of this golden rule came on top of a series of initiatives and proposals by EU institutions to mobilise billions of funds to make the European economy more sustainable.
The master plan is the new European Green Deal, described by the Commission President Ursula von der Leyen as the EU’s “new growth strategy”.
But the bloc is also preparing a review of the state aid rules and the inclusion of a “green supporting factor” in the capital requirements for banks, and has adopted a new taxonomy to better channel funds to sustainable goals.
In addition, the European Investment Bank, the largest development bank in the world turned into a “climate” bank, and the European Central Bank want to factor in the climate angle in its price stability mandate.
Full article on EurActiv
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