European fiscal framework rules need to be simplified, Finance Minister says

Finance Minister Harris Georgiades has expressed the view that the rules of the European fiscal framework ought to undergo a reform and become more simplified.

Georgiades was addressing on Thursday evening a round table discussion, organised by the Cyprus Economists Association.

The eurozone’s stability itself depends largely on avoiding excessive deficits through preparing and implementing balanced budgets and keeping in line with the fiscal pact, he noted.

At the same time, he pointed out that it’s equally important that rules are simple, transparent and credible.

Rules should facilitate the assumption of responsibility by member states and should not appear or be difficult to understand impositions by faceless decision-making centres, something which according to Georgiades would serve only in further strengthening populism and Euroscepticism.

This is exactly why I believe that an effort to reform and simplify the European fiscal framework’s rules is imperative, he stressed.

Source: Cyprus News Agency