BRATISLAVA, March 29, (WEBNOVINY) — Vice President of the European Commission Maros Sefcovic presented the new system of economic regulation in the European Union in Slovak Parliament on Tuesday. “Based on the new system, collective commitments, which we will agree on within the European Union, will be gradually transposed in national reform and convergence programs, through which we will closely monitor how individual countries manage to respect sustainability of national budgets, the Stability and Growth Pact, how we want to get the state budget deficit under the level of 3 percent of GDP and what tools we want to use to bring the public debt under 60 percent,“ he said.
The EC vice president went on to say that based on new rules, national plans will be assessed in a group, unlike it has been before. He attributed it to an effort to achieve a complex overview of national economies with a certain collective assessment. “Discussion on basic parameters of national budgets will also take place at the level of EU finance ministers and recommendations for individual member states will be released on the level of the European Council, i.e. by presidents and prime ministers,” he added.
Sefcovic further informed that the European Commission will present an important proposal, currently underway, to national parliaments, European Parliament and member states, in July. The report will contain a proposal for another financial frame for the next several years. “Slovakia can already draw sources from the frame in the area of EU funds amounting to EUR 11.6 billion,” said Sefcovic. The EC vice chairman reminded that priorities for this year were based on the need to preserve the model of the social market economy, which the ongoing crisis has endangered.
Sefcovic also introduced to deputies one of the most important priorities for next year, which is revival of the single common market. “The Slovak Republic is substantially dependent on functioning of single common market as more than 80 percent of our export is carried out in EU countries and its trouble-free operation is crucial for success of the European economy,” he underscored. He opines that the EC will try not to disturb end attributes of the single market. On the contrary, it will try to “unlock another potential of the single market,” Sefcovic believes.
SITA