Spain confident EU will agree new fiscal rules by year-end

Spain, which holds the rotating presidency of the European Union, is confident that the 27-nation bloc will reach a deal on new fiscal and debt rules this year, Spanish Finance Minister Nadia Calvino said on Wednesday. The rules, which underpin the euro currency by setting limits on government borrowing, have been suspended since 2020 to allow greater public spending during the pandemic and then the energy crisis, but are to be reinstated from 2024. They are now under review to adapt them to the new realities of high public debt and large investment needs.