#Eurogroup - Europe makes its first steps towards a Eurozone budget #BICC

Eurogroup President Mario Centeno said this morning (10 October) that only two years ago, a fiscal capacity for the euro was a purely academic endeavour: "Last night, we turned it into reality. This is a new pillar in the foundations supporting the euro". Discussions ended at five minutes to midnight yesterday, the budgetary instrument for convergence and competitiveness (BICC) for the eurozone will enable the EU to intervene in the event of an economic downturn. Much of the detail remains to be finalized, but it is a start. Moscovici, said that it isn't t he Eurozone budget he wanted but a welcomed first step. He hoped that the resources attributed to it will enable it to make a meaningful contribution in the event of an economic downturn. Moscovici would prefer to see clearer democratic oversight. Eurogroup President Mário Centeno