After a long eight-hour negotiation with no agreement Spain's presidency in the EU represented by economic vice-president Nadia Calviño, insists on reaching a political agreement "in the coming days", with a new extraordinary meeting that could take place between December 18 and 21, as announced by the newly elected president of the European Investment Bank on Friday.

"We will not convene an extraordinary Ecofin if it is not necessary. But if the consultations we hold lead to a satisfactory agreement, there is no need for another Ecofin. However, if it is necessary, it will be convened between December 18 and 21," explained Calviño at a press conference in Brussels, alongside Vice-President of the European Commission, Valdis Dombrovskis.

The current proposal on the table includes an annual reduction of 1% of GDP for countries with debt above 90%, while it proposes a 0.5% annual adjustment for member states with debt between 60% and 90%.

It also introduces a 'fiscal cushion' for countries with low deficits but high debt, which will be asked to reduce the deficit to have a margin of 2% to 1.5% below the 3% limit to have space to respond to possible economic shocks.

On the other hand, countries exceeding the 3% deficit threshold will be subject to an excessive deficit procedure (EDP), with a "consistent" corrective path of net spending adjustment of at least 0.5% of GDP.