Eurozone Crisis: Standard & Poors adds to pressure on EFSF

6th December 2011

Yesterday afternoon saw a statement at the end of the Merkel-Sarkozy meeting which in essence was rather similar to the ones they had produced before. Indeed in its talk of balanced budgets I was reminded of this below.

 

Under the provisions of the preventive arm, Member States must submit annual stability or convergence programmes, showing how they intend to achieve or safeguard sound fiscal positions in the medium term taking into account the impending budgetary impact of population aging. The Commission assesses these programmes and the Council gives its Opinion on them. The preventive arm includes two policy instruments.

 

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