The European Union moved Wednesday to overhaul its euro single currency rulebook as the 27-nation bloc’s economies creak under high debt caused by the COVID-19 pandemic and the fallout from Russia’s war on Ukraine.

“Our common EU fiscal rules date back to the 1990s and we have since withstood major economic shocks,” European Commission Vice President Valdis Dombrovskis said. “We now face different challenges and economic priorities, and our rules need to reflect these changes.”

The central pillar of the overhaul, laid out by the commission, the EU’s executive branch, would see member countries design and present plans outlining their fiscal targets, measures they might use to address any imbalances and the main reforms and investment they aim to undertake.

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