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
Uktam Bank (Uzbekistan), open joint-stock commercial bank, joined Western Union money transfer system
more »
Inflation in the Czech Republic hit a two-year high of 3.2 percent year-on-year in July
more »
German entrepreneur Неrmann Weis - founder of the Moldo-German joint venture Weis-MD Vine Cо - has appealed to Vladimir Voronin for the protection of his investment
more »
Russian national gas monopoly GAZPROM said it seeks a British partner for a $6 billion plan to supply Siberian gas to Western Europe via a pipeline across the Baltic Sea
more »
Ukraine launched a new nuclear reactor Sunday in a move President Leonid Kuchma said confirmed the former Soviet republic's increasing independence from energy supplied by neighboring Russia
more »
The State Oil Company of the Azerbaijani Republic (SOCAR) exported 1.236 million tons of petroleum products in the period from January to July
more »
European Central Bank Leaves Its Key Refinancing Rate Unchanged at 2 Percent
more »
WTO negotiators reach tentative accord on major global trade issues
more »
Oil prices dive as Yukos gets lifeline, OPEC says it has capacity
more »
Outbreaks of fowl plague were registered in several Scandinavian provinces
more »