Poland's finance minister welcomes EU 'six pack' reforms

Minister Rostowski at Ecofin council meeting; photo - EPA

“We have secured the foundation [for greater financial management],” Minister Jacek Rostowski said on Tuesday.

"We are talking about a mechanism that allows for [greater financial] integration, which will ensure the safety of Eurozone and beyond,” said Poland's finance minister.

Poland is currently not in the Eurozone but has designs to join it as soon as financial conditions allow.

The decision on the so-called 'six-pack' reforms was taken during a meeting of finance ministers in Luxembourg on Tuesday.

The agreement was a formality as EU finance ministers initially agreed on the six-pack regulations aimed at strengthening economic governance across the monetary and currency union during the EcoFin meeting in Poland in mid-September.

The five regulations and one directive making up the 'six-pack' were also adopted by the European Parliament last week.

The reforms include tightening the criteria EU nations must meet in terms of debt levels and deficits. Brussels will have a stricter control over public finances of member states and will evaluate drafts of their budgets.

If the EU decides that a country does not have a good grip of its finances it will order the reduction of its debt and public deficit.

Member states ignoring such orders or those that exceed the permitted fiscal indicators will be fined, announced EU Economic Affairs Commissioner Olli Rehn.

“I will not hesitate to use the new toolbox to ensure fiscal discipline and balanced growth in Europe. I expect that the member states will play by the rules,” he said. (pg/di)