Eurozone countries are facing “significant fiscal burdens” from ageing populations, extra defence spending and climate change, making it more urgent that they cut their high debt levels, the European Central Bank has warned.
Officials at the central bank estimate Eurozone countries have to reduce their budget deficits by an average of 5 percentage points of GDP, which would require savings or extra revenue of €720bn at current output levels.
The ECB’s assessment of the budgetary challenges confronting the 20 members of the single currency bloc came as the European Commission reprimanded France and six other countries for breaching EU fiscal rules, increasing investor anxiety about the sustainability of public finances.
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