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

Vilnius boasts lowest living costs in the Baltic States

The majority of goods and services in Vilnius, the capital of Lithuania, are cheaper than in Riga and Tallinn more »

Limited British interest in moving business to new EU states

Only 13 percent of company bosses said they had considered shutting down their British operations and moving business activities to one of the 10 new EU member states more »

Polish joblessness sinks, retail sales soar

Poland's unemployment rate fell to 19.3 percent in July from 19.5 percent in June while retail sales soared by 10.3 percent, official figures showed Monday more »

Russia sees $12bn drain on capital in the pipeline

Putin's clampdown on oil giant Yukos has investors running scared more »

100% growth

Near 100% growth for Bank Handlowy after cost cutting campaign more »

OPEC expects oil prices to fall to 30 dls per barrel

The Organization of Petroleum Exporting Countries expects to see a fall in global oil prices to as much as 30 US dollars per barrel more »

CIS states’ debts to Russia stand at over 3 billion dollars

The debts of countries of the Commonwealth of Independent States (CIS) to Russia including interest stood at 3.33 billion dollars as of January 1, 2004 more »

Czech central bank hikes key interest rate

The Czech central bank said Thursday it had raised interest rates by 25 basis points, bringing the key market rate to 2.5 percent more »

The result

BRE Bank figures up 27% despite burden of MultiBank retail branch more »

World Bank Postpones Review of Moldova's EGPRSP

The World Bank has postponed the review of the Moldova's Economic Growth and Poverty Reduction Strategy Paper (EGPRSP) by the WB Board of Executive Directors more »