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

Investment Potential Seen in Eurasia's Transitional Economies

A leading economist says Russia, Ukraine, and other East European countries have made significant progress in reforming their economies and embracing market principles more »

TURKMENISTAN RAISES PRICE OF NATURAL GAS SUPPLIED TO RUSSIA

Turkmenistan's president Saparmurat Niyazov and Gazprom's CEO Alexei Miller, who arrived in the Turkmen capital last night for a one-day visit, discussed the whole range of Turkmenistan's cooperation with Gazprom in the energy sphere more »

GAZPROM, CITIGROUP DISCUSS WAYS TO FUND GAS GIANT

On Friday, Gazprom CEO Alexei Miller and Citigroup Vice President Stanley Fisher discussed prospects for the two companies' cooperation more »

BA flying into hefty bill for new EU law on compensation

BRITISH Airways is facing a "substantial" bill for "badly drafted" European Union (EU) regulations coming into force this week, which demand that airlines compensate passengers for flight delays and cancellations more »

The Law «About home building savings».

It will be possible to use the credits of «Zhilstroybank» (Kazakhstan) not only for purchase and building of the dwellings, but also for the repairing, exchange and modernization of apartments more »

Snooping trial begins

Sonera defendants deny deliberate violation of telecommunications privacy more »

Ukraine leader pledges fiscal amnesty

Ukrainian President Viktor Yushchenko is set to declare an “amnesty for capital” to make the economy more transparent more »

BRE Bank posts shocking 2004 loss of zł.278.4 million

Warsaw-based BRE Bank has suffered its largest ever quarterly loss, as its Q4 results were zł.385.9 million in the red more »

Roughly 16 mln VISA cards in Russia by 2005

The number of VISA credit cards in Russia reached around 16 million by the end of 2004, up from 9.4 million cards one year earlier more »

Ukraine posts highest CIS growth in 2004

Ukraine posted the highest economic growth among CIS nations in 2004, with GDP rising 12%, the CIS Interstate Statistical Committee said more »