EU launches overhaul of euro rules as pandemic and war bite

BRUSSELS (AP) — The European Union is overhauling its euro single currency rulebook as economies creak under high debt caused by the COVID-19 pandemic and the fallout from Russia’s war on Ukraine. The overhaul would see member countries design plans outlining their fiscal targets, any measures they might use to address imbalances and the main reforms and investment they aim to undertake. The EU’s executive branch will recommend ways for a country to ensure that debt and the national deficit are reined in if it misses its targets. The current rules date from the 1990s. European Commission Vice President Valdis Dombrovskis said Wednesday that “we now face different challenges and economic priorities, and our rules need to reflect these changes.”