The Battle

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.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Budget deficit lands Poland in hot water

Poland has received a dressing down from the European Commission more »

Asian banks express strong interest in Parex banka

First Asian targeted syndicated loan in history of Baltic banking signed by Parex banka more »

A Detailed Plan of Action

UKRAINIAN GOVERNMENT WANTS TO CONTEST 3,000 PRIVATIZATIONS IN COURT more »

Flash Inter-Bank Payment Network Expands to Six Countries

The clients of five more banks from the HVB Group have been included in the FlashPayment system of money transfer enlarging the inter-bank network to a total of 19 banks in Bulgaria, Estonia, Latvia, Lithuanian, Russia and Ukraine more »

Russia Could Block Siemens Takeover

Russia's antitrust authority signaled Tuesday that it might block a bid by German industrial giant Siemens to take a controlling stake in a strategic engineering company, citing national security concerns more »

The Growth Trend

Raiffeisen Bank Polska (RBP) closed 2004 with a record net profit of zł.165.4 billion which is almost double the 2003 figure more »

Polish Bonds Rise

Polish bonds rose more than any other government-debt securities after a report showed inflation slowed the most since May more »

RUSSIA, IRAN CREATE BUSINESS COUNCIL

The chambers of commerce and industry of Russia and Iran have created a Russia-Iran Business Council more »

Bulgaria's Govt Debt Short of EUR 8 B End-2004

Bulgaria's government and government-guaranteed debt stood at EUR 7.95 B at the end of December 2004, with foreign debt accounting for 82.8% of it, the finance ministry announced more »

Ahern lauds Polish workers in Ireland

Irish Prime Minister Bertie Ahern said yesterday that opening Ireland's job market to workers from Poland, when it joined the European Union on May 1 last year, has "worked out well" for both countries more »