Finance Minister Blümel at ECOFIN and Eurogroup meeting in Brussels
This week, Austrian Finance Minister Gernot Blümel represented Austria in Brussels at the ECOFIN and Eurogroup meeting. One of the major topics was the review of the clarifications contained in the Stability and Growth Pact. Following the financial crisis in 2008, reflections were undertaken as to measures which could be taken aimed at making clear that, over the long term, States need to have stable finances. A regular review of these criteria is undertaken. "These measures have led to government debts gradually being reduced. Budget deficits are falling, which means the measures have demonstrated their effectiveness," reported Finance Minister Blümel, gratified at developments to date.
A key topic under discussion was the fight against tax havens and tax avoidance. "Austria has made clear that, naturally, all countries must abide by their international obligations. This also applies to Turkey, for instance, which is currently not doing so. For this reason, we have also made clear that if Turkey continues not to comply, we shall argue in favour of the country being blacklisted," declared Finance Minister Blümel.