EU Closes German-Designed Fiscal Straitjacket for Region
This article is for subscribers only.
The European Union completed a framework for tougher controls on spending by euro-area governments in a German-led bid to prevent a repeat of the debt crisis that has threatened to break apart the single currency.
The European Parliament voted to let the EU screen the budgets of euro nations earlier and more closely monitor countries where rising borrowing costs pose risks to financial stability. The assembly also approved tighter EU fiscal surveillance of nations after they exit rescue programs.