EU Council and Parliament Reach Agreement on Revised Fiscal Rules

The European Council and Parliament have reached a provisional agreement on the EU fiscal-rules framework, preserving the European Commission's proposed reform to reduce debt ratios and deficits while prioritizing investment in key areas. Member countries will still need to submit fiscal plans, and those exceeding debt or deficit limits will receive a "reference trajectory" from the Commission to achieve prudent debt levels within four years, extendable to seven years with certain reforms and investments. The agreement awaits approval from member countries' representatives and the Parliament's economic affairs committee before formal voting.