Donohoe confident on reaching deal on EU fiscal rules

The long-awaited reform of the Stability and Growth Pact would give more leeway to national governments to determine their fiscal path

Paschal Donohoe, president of the Eurogroup, at the Bloomberg New Economy Gateway Europe conference near Dublin.

The European Union will reach an agreement on the review of its common fiscal rules because “we need to and we have to,” said Paschal Donohoe, president of the Eurogroup which brings together euro-area finance ministers.

“There’s far more consensus than what you may think regarding the need for such rules,” he said at the Bloomberg New Economy Gateway Europe event near Dublin on Wednesday. “We need to have credible medium-term fiscal rules.”