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
Lithuania Among World’s Top Ten Reformers in Improving Investment Climate
more »
The global economic recovery is on track, despite high oil prices according to the heads of central banks from the top industrial nations and developing countries
more »
The Domestic Diplomatic Properties Agency defended Friday the legal sale of a local heating utility after its halted operations left people in a Sofia suburban area without hot water
more »
Romania: Structural Adjustment And Institution Building Efforts Receive World Bank Recognition
more »
Lender confidence and bank competition boost number of loans
more »
Sweden Thrives on Exports One Year After Voters Reject the Euro
more »
Russian energy giant Gazprom said Tuesday it would acquire state-owned oil company Rosneft in a stock swap expected to ultimately ease restrictions on foreign investment in the world's biggest natural gas producer
more »
British discount airliner easyJet will enter the Baltic market this autumn, commencing flights between Rīga and Schönefeld Airport in Berlin
more »
Last week's explosion in the country was part of power plant project
more »
Hungary is on track to overshoot the public deficit target for 2004, the central bank president said
more »