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Foreign Minister Paet: The EU must focus more on promoting economic and budgetary policies


The European Union must continue the stronger promotion of economic and budgetary policies and toughen the supervision of budgetary policies, according to Foreign Minister Urmas Paet at today’s European Union General Affairs Council meeting in Brussels.

According to Foreign Minister Paet, Estonia supports the implementation of cooperation in order to strengthen the European economic and monetary union and hopes the economic management package comprised of six draft resolutions will be passed quickly. “The draft resolutions deal with budgetary issues and are related to the oversight of macroeconomic unbalances. The application of sanctions will also become automatic,” he added.

According to Paet, the purpose of the proposal is to ensure that the budgetary policies of the European Union member states enable a reserve to be collected for difficult times and for the non-fulfilment of budgetary objectives to be quickly rectified. “We are ready to take steps to increase the competitiveness of the euro area and common market, and to ensure strong and lasting budgetary policies in the member states and the euro area as a whole. These steps will also support financial stability in the euro area,” he added.

The package, which strives to significantly strengthen the supervision of the European Union’s budgetary and macroeconomic policies, has been approved by the financial ministers and government leaders; agreement must now be achieved in the European Parliament.

The ministers for foreign and European affairs also discussed the European Union Financial Framework for 2014–2020. According to Foreign Minister Paet, Estonia considers the volume of the current financial framework to be optimal and supports the confirmation of the framework for seven years.

In Brussels, the ministers also finally confirmed that the headquarters of the European Union IT Agency in the field of justice and internal issues will be located in Tallinn.

More information:
Helen Ennok, Press Spokesperson, Estonia’s Permanent Representation to the EU
+32 474 98 16 57

637 7654


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