The court-room drama will take place in the Court of Justice in Luxembourg
Published:
1 April 2004 y., Thursday
The battle between the European Commission and the member states over the euro rules is due to commence in late-April, it emerged today.
The European Court of Justice confirmed in a statement that the first hearing in the case would be heard on 28 April in Luxembourg.
Sources at the Court said that legal teams for both parties will plead their case orally before judges in a case that could be settled as early as mid-July. But officials at the Court were unable to confirm how many judges would hear the case.
In cases of this nature, usually only one hearing takes place before a decision is made.
The case was brought by the Commission in January after finance ministers decided to suspend disciplinary action against France and Germany for breaking the rules that underpin the euro.
These rules state that countries in the euro zone - the 12 member states that share the single currency - must not run a budget deficit above three percent of gross domestic product (GDP) over a year.
This deficit ceiling has been repeatedly broken by Paris and Berlin - the euro zone's two biggest economies. The Commission therefore recommended that a disciplinary procedure be activated that could end in billion euro fines being levied on France and Germany.
But in a row that pitted smaller countries against the two economic giants, France and Germany persuaded other finance ministers to suspend the procedure.
This decision by finance ministers prompted the Commission - which is responsible for upholding the euro rules - to take the Council of member states to court.
Šaltinis:
euobserver.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
President Bush named Deputy Defense Secretary Paul Wolfowitz to head the World Bank yesterday
more »
BZ WBK and Kredyt Bank will most probably change their names later this year
more »
Speaking in Zagreb last Thursday, OTP Bank Rt President-CEO Sándor Csányi confirmed rumors that Hungary’s leading commercial bank is considering the acquisition of an as yet unspecified bank in Turkey
more »
The governments of the United States and Azerbaijan formally signed a work-plan defining the mission of the Banking Supervision Project on Thursday, at the National Bank of Azerbaijan
more »
The price on Azerbaijan’s oil has reached a record high of $54.48 a barrel in history
more »
Those who pay bills online are happier with their bank and its security, report says
more »
Knocking off four zeros from its bank notes, Romania's new leu will not spark inflation and will lead to the currency becoming convertible in the next two years
more »
The National Bank of Greece, a leading institution in the country, scans possibilities for an aggressive extension of its activities on the Balkans, namely in Bulgaria and Romania
more »
Bulgaria's financial group DZI has sold a 35% stake in two of its main companies to major foreign investors
more »
The prosecutor’s office in the Siberian city of Krasnoyarsk has instigated criminal proceedings against Yukos trading arm Yukos-M
more »