Defence Escape Clause Invoked by 12 Statesmedium risk
ECOFIN / Eurozone — Fiscal Framework Reform (SGP)
New SGP rules live. Defence escape clause invoked by 12 states. SAFE Regulation implications. ECOFIN, Eurogroup, ECB central.
6.7
/10 risk index
Escalating
Baseline: 5.8 → Now: 6.7
30-Day Risk History
Primary Law
1 instrumentsREGULATION
Watch Signals
Commission excessive deficit proceduremedium
Against states breaching 3% deficit without valid escape clause.
SAFE Regulation final dealhigh
€150B joint defence loans. Fiscal implications for SGP framework.
ECB monetary policy shiftmedium
Rate cuts vs fiscal expansion coordination.