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EU agrees on complicated new spending rules decried by Left as tool for austerity

The reforms are aimed at increasing investment while keeping spending under control.

THE EU PARLIAMENT and member states reached an agreement in the early hours of this morning on reforms to EU budgetary rules.

The reforms are aimed at increasing investment while keeping spending under control.

The text updates the current rules, known as the Stability and Growth Pact, that were created in the late 1990s to limit countries’ debt to 60% of gross domestic product and public deficits to 3%.

The EU spent two years trying to develop reforms supported both by more frugal member states like Germany and other countries, such as France and Italy, that wanted more flexibility.

With war raging in Europe and the EU making a green transition push, states led by France argued for allowing more space to finance key areas, including, for example, supplying arms to Ukraine. 

After much wrangling between Berlin and Paris, the 27 member states struck a deal in December and then began talks with negotiators from the European Parliament.

The text has been criticised for its complexity and by left-wing officials, who feel it is a tool for imposing austerity on Europe.

Negotiators finally reached an agreement early today in time for the text to be voted on in Strasbourg this spring before the parliamentary break ahead of European elections.

The agreement will allow member states to apply the new rules to their 2025 budgets.

The Belgian presidency of the EU Council said: “The new rules will help achieve balanced and sustainable public finances, structural reforms, foster investments, growth and jobs creation in the EU.”

While confirming the previous limits on debt and budget deficits, the new agreement allows more flexibility in the event of excessive deficits.

“We have ensured that the new fiscal rules are sound and credible, while also allowing room for necessary investments,” said Dutch MEP Esther de Lange, of the centre-right European People’s Party Group.

The reforms are also supported by the Renew liberals and a large majority of the Socialist and Democrat groupings.

The Greens and some S&D elected officials, however, reject it, as do the radical left.

These elected officials have denounced a return to austerity after three years of suspended budgetary rules due to the pandemic and war in Ukraine.

“We need investments in industry, in defence, in the ecological transition, that’s the urgency today, it is not to bring economically absurd rules up to date,” economist and S&D MEP Aurore Lalucq of France told AFP.

She called it as a “political error which will be used by populists to attack Europe”.

© AFP 2024

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    Mute David Garland
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    Sep 2nd 2019, 12:06 PM

    Dublin Airport badly needs that second runway.. There’s times in the summer when you could be close to an hour sitting on the tarmac waiting to takeoff as the one runway is used for takeoff and landings.. As somebody else pointed out, if you don’t like the sound of planes don’t buy a house close to the Airport.

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    Mute Stephen Fitzgerald
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    Sep 2nd 2019, 1:14 PM

    @David Garland: Dublin Airport cant handle the passengers from the current runway yet alone another. Yesterday passport control room in t2 was full with only two passport inspectors for eu passports and two for non eu with a queue of about 20. Does not make much sense increasing numbers until it can handle the current level.

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    Mute David Garland
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    Sep 2nd 2019, 3:43 PM

    @Stephen Fitzgerald: Obviously all aspects of the Airport have to improve. You would like to think the other infrastructure like public transport, passport control baggage handlers etc would increase before the runway opens but then again it’s Ireland we’re talking about.

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    Mute Dermot Byrne
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    Sep 2nd 2019, 6:13 PM

    @David Garland: I think the issue is the number of movements allowed between 23:00hrs and 07:00hrs, most European airports close or have reduced movements during these times Dublin currently is allowed 65 movements the DAA’s current management want that to be unlimited. This would go against European best practice.

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    Mute Tony Stanley
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    Sep 2nd 2019, 6:18 PM

    @Dermot Byrne: well thats rubbish. There are very few airports in Europe with night time jet bans.
    Others have limited operations but what has currently been capped for Dublin is one of the most restricted.

    But sure we all love some good made up “facts” on the journal!

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    Mute Jesus Christ
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    Sep 2nd 2019, 11:28 AM

    Don’t buy a house next to an airport. KTHXBAI

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    Mute Darren B
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    Sep 2nd 2019, 11:26 AM

    Thankfully they weren’t around for the Antonov AN-12 at the weekend!

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    Mute Suzanne Dorgan
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    Sep 2nd 2019, 12:18 PM

    @Darren B: Now that is an impressive aircraft!

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    Mute Niall
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    Sep 2nd 2019, 12:17 PM

    With Fingal’s history, that means total disaster for anybody south and west of the Airport.

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    Mute Eamon
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    Sep 2nd 2019, 12:40 PM

    @Niall: not much choice really i’d say, planes have to take off and land into the prevailing winds, which are generally from that direction.

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    Mute Grainne Tallon
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    Sep 2nd 2019, 1:07 PM

    @Niall: I was thinking the same – Dub Airport is pretty much on the border of Fingal.

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    Mute kevinhunt101
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    Sep 2nd 2019, 1:19 PM

    I’m confused, aircraft were a lot noisier years ago

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    Mute Shawn O'Ceallaghan
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    Sep 2nd 2019, 1:40 PM

    @kevinhunt101: yeah well I want treble glazed windows.

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    Mute kevinhunt101
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    Sep 2nd 2019, 1:59 PM

    @Shawn O’Ceallaghan: don’t buy near an airport and you won’t need that lol. Airports are only ever going to expand , nobody forces anyone to buy near an airport. Don’t buy a new home near the airport in 1985 for example and complain, doesn’t make sense

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    Mute Boris Becker
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    Sep 2nd 2019, 7:28 PM

    Timing of the new runway is perfect……for the fresh batch of young people who will be leaving this wonderful (not so well run) country of ours. If u aint a social sponge or earning 100k when you leave school a plane out of here is one of their best options to take

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