EU finance ministers have bowed to German pressure for tough debt-reduction rules, as part of a deal to phase in a sweeping overhaul of the union’s budget framework.
After months of haggling, the package gives EU member states greater independence on agreeing debt and deficit plans with Brussels, but only within tight spending limits demanded by fiscal hawks.
Although high-debt states were given some extra wriggle room as part of a transition period, the new framework included stricter overall limits on spending that were crucial to winning over Germany, which was deeply sceptical about the original reforms.
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