The breakthrough at today's Ecofin video conference takes us a big step forward.
Reaching political agreement on the economic governance review has come after many weeks of intensive negotiations.
I would like to thank Deputy Prime Minister Calviño and your team for the excellent work and tireless effort to achieve this result. It is a fitting finale for the Spanish Presidency.
The Commission will continue to assist the Presidency so that this political agreement can be transposed into a general approach as soon as possible.
It will pave the way for opening trilogue negotiations with the European Parliament.
Our immediate task is to finalise the EU's future fiscal policy framework as soon as possible, to provide clarity and predictability for the years ahead.
And there is no time to lose if the EU's new fiscal rules are to be put in place before next year's European elections.
Given the significant economic challenges we are facing, we must have this framework which ensures fiscal sustainability as well as sustainable and inclusive growth: through stronger ownership and enforcement, risk-based differentiation and incentives for investments and reforms.
The agreement reached today delivers on those objectives. Thank you.
