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
Cesky Mobil Seeks $62 Million in Damages From Eurotel, T-Mobile
more »
The
“Europa” branch of Vilnius bank located at the new European
Square
has adjusted the new concept of the bank client service – “Banking Technologies
of Penki Kontinentai”. The equipment used in the branch is new technology in the
whole country. There are no form tills –an automatic system of cash dispensation
“Wincor Nixdorf”, which will warrant the safety in the special operations with
cash, is implemented.
more »
As OPEC oil ministers prepare for the start of their quarterly meeting Thursday in Beirut, Saudi Oil Minister Ali al Nuami says his country is ready to increase production
more »
French finance minister Nicolas Sarkozy yesterday proposed that the finance ministers of the 12 countries that share the euro should have a permanent president for two and a half years
more »
AT&T Introduces Two Unlimited Calling Plans to Poland
more »
Vodafone's four-page missive sent to the European Commission and senior Polish officials underscores the fears of foreign investors when they step foot in Poland
more »
Airport terminal collapse will have long term effect
more »
The dollar nudged higher against the euro and yen on Monday as investors focused on high oil prices
more »
The fourth Iran-Ukraine economic commission meeting is slated for May 26-27 in the Ukrainian capital of Kiev
more »
Nokia Shares Fall to Five-Year Low as Rivals Gain Market Share
more »