Europe's "extraordinary" migrant crisis could allow some countries wiggle room in terms of their budgetary commitments, a senior European Commissioner told CNBC.
Valdis Dombrovskis, the European Commission's Vice President for the Euro and Social Dialogue, told CNBC Thursday that the Commission was examining requests from several European countries for flexibility over their budgets, in light of the migrant crisis and costs involved in resolving it.
"The refugee crisis is not only a huge humanitarian crisis," Dombrovkis told CNBC in Lima, where global leaders are gathered for the International Monetary Fund/World Bank annual meeting.
"It also has its fiscal implications in the member states which are facing this crisis and currently we're examining the request of several member states who will be the implementing the rules of the stability and growth pact to take into account the effects of the refugee crisis."
"We're looking into this matter and will be coming up with proposals in the coming weeks." He emphasized that the stability and growth pact – fiscal rules (such as budget deficits no greater than 3 percent of GDP) agreed by the 28 members of the European Union – had to "be respected."