""If the Middle East crisis were to experience a new escalation, we should seriously consider the issue of a European response not dissimilar in the approach and tools to that deployed in response to the (Covid) pandemic.""
""The condition for activating the general escape clause is to have a severe economic downturn in euro area or the European Union as a whole.""
""Faced with the risk of the most severe energy shock we've seen in recent memory, the possibility of further price increases for energy, fuel, and consumer goods, and the risk of seeing entire supply chains interrupted and our economy.""
Italian Prime Minister Giorgia Meloni proposed that the European Union should ease spending rules similar to the measures taken during the Covid pandemic if the situation in the Middle East escalates. She suggested a temporary suspension of the Stability and Growth Pact as a general measure, not just for individual member states. Current EU rules allow for some fiscal leeway, but the EU economy chief stated that a severe economic downturn is necessary to activate the general escape clause.
Read at www.thelocal.it
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