France and Italy have called for more favorable treatment of investments that foster long-term growth, marking the beginning of a move in what could be a battle to overhaul the European Union's fiscal rules.
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In a joint article published by the Financial Times on Thursday, French President Emmanuel Macron and Italian Prime Minister Mario Draghi said we need more room for maneuver and enough key spending to ensure our sovereignty.
Both nations have recently cemented their alliance with the symbolic signing of a cooperation treaty, and both leaders have called for revisions of EU budget rules, which are suspended until the end of 2022 due to the Pandemic.
Any changes will need the support of German Chancellor Olaf Scholz, who met with Draghi in Rome earlier this week. The German leader said that the current framework already offers plenty of flexibility. An official in Macron's office said Scholz had been informed of the op-ed, as were other EU leaders.
A paper co-authored by Draghi s and Macron's economic advisers proposes to gradually transfer national debt to a European agency with the aim of lowering borrowing costs for highly indebted countries. It also argues that the so-called Maastricht criteria - maximum 60% debt to GDP ratio and 3% deficit - should be replaced by customized ratios for each country tailored to their circumstances, leading to more realistic repayment rates.
The authors reckon that one of the challenges in implementing the plan would be how to differentiate between expenditures contributing to what they call European public goods, such as the green transition which should be prioritized, and other spending. They said the work was carried out after the EU launched its post-Covid investment program, which was underpinned by European Commission scrutiny.
Macron and Draghi acknowledged that we must bring down our levels of indebtedness in a nod to Germany and northern European countries. Germany leads a group of EU members who have expressed concerns about out-of-control spending if rules are relaxed. The current fiscal framework is too complex, according to the two leaders. The leaders wrote in the Financial Times that high debt levels can't be lowered through higher taxes or unsustainable cuts in social spending, nor can we choke off growth through unviable fiscal adjustment. Our strategy is to curb public spending through sensible structural reforms. Macron is going to hold a summit in March to discuss fiscal reforms, as he takes over the rotating presidency of the EU Council in January.
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