A concrete step in eurozone economic governance

China Daily (Xinhua), 09.11.2011

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Though the adoption of a set of new rules by the Economic and Financial Affairs Council (ECOFIN) of European Union (EU) on Tuesday may be submerged by the escalations of political crisis in Greece and Italy, it was a concrete step in enhancing eurozone's economic governance in the long run. […]

It has been long that EU sets some guidelines for Member States budgetary policies, for example the "Stability and Growth Pact" which came into force in 1997.

"We've seen many concrete things, we see EFSF, we see 'Euro semester', we see 'Euro Plus Pact', 'Six-Pack' and 'Growth And Stability Pack'. Those are steps towards closer coordination and stronger governance," said Janis A. Emmanouilidis, senior policy analyst with European Policy Center (EPC), a well known European think-tank. [...]

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