Poland's finance minister welcomed “greater financial integration” of the EU after the 27 member states reached a final agreement on reforms forcing greater fiscal discipline to prevent a further worsening of the crisis in the Eurozone.
“We have secured the foundation [for greater financial management],” Minister Jacek Rostowski said on Tuesday. "We are talking about a mechanism that allows for [greater financial] integration, which will ensure the safety of Eurozone and beyond,” said Poland's finance minister.
The reforms include tightening the criteria EU nations must meet in terms of debt levels and deficits. Brussels will have a stricter control over public finances of member states and will evaluate drafts of their budgets. If the EU decides that a country does not have a good grip of its finances it will order the reduction of its debt and public deficit. Member states ignoring such orders or those that exceed the permitted fiscal indicators will be fined, announced EU Economic Affairs Commissioner Olli Rehn.
For more: Poland's finance minister welcomes EU 'six pack' reforms - Thenews.pl :: News from Poland
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