EU ministers set to back radical changes to Eurozone budget rules

EUROPEAN Union finance ministers are likely to back on Monday changes to budget rules that will seek to discipline countries for having excessive debt as well as excessive deficits in future.

A “Task Force” of ministers is to meet on Monday evening in Luxembourg to debate ways of strengthening economic governance in the 27-nation bloc in general and the Eurozone in particular to prevent future debt crises, like the one triggered by Greece.

The broad proposals they approve will be restricted only to moves that do not require changes to EU treaties – difficult to make in practice – and will be put to a summit of the bloc’s leaders for approval on 17 June. More detailed proposals are expected in the autumn.