EU to wait till spring to decide when to reinstate borrowing limits- von der Leyen

BRUSSELS - The European Union will wait until the spring to assess the economic situation across the bloc and then consider whether to continue with the suspension of government borrowing limits, European Commission President Ursula von der Leyen said.

She told a news conference with German Chancellor Olaf Scholz that a "pandemic escape clause" on any borrowing curbs still applied in 2022. A review of the rules, called the Stability and Growth Pact, would be needed next year before the rules were reinstated, she said.

The European Commission is in charge of enforcing EU rules that cap government budget deficits and debt to safeguard the euro.