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National finance ministers on Tuesday (21 February) agreed to strengthen budgetary surveillance to help improve economic discipline in the eurozone.
They approved a proposal requiring eurozone countries to submit their budget plans for the following year by 15 October, so that the European Commission can assess them. Closer monitoring of budgets for eurozone countries that receive bail-outs or that are in financial trouble was also approved. The two proposals build on last year's ‘six-pack' of legislation to tighten economic governance.
The agreement by finance ministers will enable Denmark, which holds the presidency of the Council of Ministers, to start negotiations with the European Parliament. The aim is to reach agreement by the end of the Danish presidency in June. The Parliament's economic and monetary affairs committee is expected to vote on the proposals in May ahead of a plenary vote in June.
Simon Taylor
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