“Fiscal rules must be suspended indefinitely and radically reformed” – Chris MacManus MEP

Sinn Féin MEP Chris MacManus has said that the EU’s fiscal rules must be kept suspended indefinitely until they can be radically reformed. MacManus was responding to comments by Economy Commissioner Paolo Gentiloni that the EU will decide in the coming weeks on whether to keep the rules in suspension.

MacManus, who is a member of the Parliament’s Economic and Monetary Affairs Committee, said:

“It is clear to everybody that the old fiscal rules cannot return anytime soon without causing major economic upheaval. They are simply dead in the water due to the increase in debt countries have rightly taken on to keep workers and businesses afloat during the pandemic. In reality, they were failing anyway by acting as a pro-cyclical force that limited essential spending.”

The Midlands Northwest MEP said a more democratic debate is necessary. “The debate is ongoing but it is disconcerting to see that many governments including the Irish government are standing back to let the EU Commission dictate the agenda on reform. What we need is a democratic debate on the type of economy and society that reformed rules will help us build. What we are getting is a bureaucratic exercise which will fail to deal with the real issues.”

MacManus concluded: “For Sinn Féin radical reform means restoring economic sovereignty to democratically elected governments and putting in place a framework that allows investment in social, physical and climate related infrastructure. These are the very basic requirements necessary to bring about reform worthy of the support of peoples across Europe.” ENDS