[European Commission proposes new financial rules bill to deal with rising public debt of member states] April 26, the European Commission introduced a new EU financial rules bill on April 26 local time, requiring member states to increase their autonomy in debt management. At the same time, the European Commission will strengthen its supervision of the debt levels of member states. The bill requires member states to have a public deficit of 3% of GDP and a public debt of no more than 60% of GDP. Member states that do not comply with the rules will face stricter fiscal constraints and financial sanctions imposed by the European Commission. European Commission President von der Lane said that the EU currently needs a sound public financial system to reduce public debt.