The European Union executive moved to formalize an agreement reached by EU finan...
FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. REUTERS/Yves Herman/File Photo
The European Commission, the guardian of EU rules, proposed late on Friday to activate the ‘general escape clause’ in the rules to respond to the pandemic that has caused lockdowns in most EU countries and the closure of Europe’s borders. EU rules say that governments have to keep cutting their budget deficits until they reach balance or surplus and have to reduce public debt every year to bring it below 60% of GDP.
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