Calling Out Brussels on Budget Offenders

German Finance Minister Wolfgang Schäuble and his Slovak counterpart Peter Kazimir are calling on Brussels to whip governments who are exceeding deficit limits into shape.

It’s not the first time German Finance Minister Wolfgang Schäuble has been aggravated by the European Commission. According to the famously tough treasurer, authorities in Brussels have the wrong priorities. Instead of chasing down countries with deficit overruns, they recently requested Germany to provide more money for investments.

Officials from the German finance ministry sent a letter of complaint to Brussels on Friday, in which they riled against the new approach of defining financial policy objectives for the euro zone as a whole, as opposed to by its particular members. “There is no consensus for this approach,” said the letter, seen by Handelsblatt.

Officials stated that Brussels had “no legal basis” and the European Union’s approach was an “obvious attempt to change the overall architecture of financial policy coordination in the euro zone.”

The Stability Pact, an agreement to maintain the union’s economic equilibrium, provides for “upper limits for public spending, but not minimum levels,” according to government circles.

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