Further positive EU reforms

Today European finance ministers agreed to critical economic reforms.  Among the reforms are the following:

• Eurostat, the European economic statistician, has been given the authority to audit the finances of EU member nations.  This has been done to mitigate against European Union countries from lying about their economic performance via number.  In the past, nations have lied to cover up gigantic amounts of public debts.
• The ministers also agreed to force member nations to submit their budgets to a peer review to the EU Commission before passage in local parliaments is possible.
• Tougher sanctions have been put in place should governments fail to adhere to the debt to GDP ratio being below 3%.

The exact details are still forthcoming and official announcement has yet to be made.  However, it is a continued good sign that the EU is willing to enact difficult reforms in order to stabilize financial markets.

Jason