The European Union is unlikely to agree on a reform of its fiscal rules this year and talks are likely to take up most of next year too, leaving the EU in a quandary over what framework to use in 2023 to cautiously reduce spending, EU officials say. The rules, called the Stability and Growth Pact, limit government borrowing to protect the value of the common euro currency shared by 19 countries. They have been suspended since 2020 to give governments leeway to fight the COVID-19 pandemic.
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