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
The Russian Federal Property Fund has not yet decided on the size of a stake in Yuganskneftegaz that will be put up for sale
more »
Uzbekistan achieved 8.9% GDP growth in January-September 2004 compared to 4% (6.46 trillion soums) in the same period of 2003, according to the session of the Cabinet of Ministers
more »
On Friday, Russia postponed by three months, a decision on whether to revoke the Siberian licences of embattled oil major Yukos
more »
Politicians believe Poland will meet the strict fiscal criteria necessary to enter the Euro zone within three years
more »
German companies pay three times more taxes than in Lithuania, where the tax burden is the lowest among the new EU members
more »
The Ministry of Natural Resources Of Russian Federation head Yuriy Trutnev announced the time of the auction where the Eurasian largest gold deposit, called Sukhoi Log will take place
more »
Hungary demands Romania stop Canadian-led gold mine development
more »
Poland's Deputy Economic Minister is praising Bethesda-based Lockheed Martin's $6 billion worth of investment pledges to his country
more »
The Czech government approved an agreement with U.S. aerospace giant Boeing under which it would acquire the company's stake in the state-controlled subsonic jetmaker Aero Vodochody for a symbolic price of 2 koruna, Vice Prime Min
more »
European Central Bank president Jean-Claude Trichet said in an interview published Monday that the eurozone economic recovery remained gradual and that the bank's analysis of the situation was balanced
more »