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 EBRD is supporting the modernisation of transport infrastructure in Serbia with a €150 million sovereign loan to finalise the construction of a new motorway section along the strategic Corridor X.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Romania’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA).
more »
The Executive Board of the International Monetary Fund (IMF) today approved a three-year, SDR 13.57 million (about US$21.5 million) arrangement under the Poverty Reduction and Growth Facility (PRGF) for the Union of the Comoros.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the second review of Mongolia's economic performance under a program supported by an 18-month Stand-By Arrangement (SBA).
more »
Parex banka has established a subsidiary, SIA NIF (“Nekustamo īpašumu fonds”, or “Real Estate Fund”), which will professionally manage assets that are not related to the Bank’s core business.
more »
In his address at the Lithuanian-Belarusian Business Forum “Belarus and Baltic States: new prospects for cooperation”, Prime Minister Andrius Kubilius has pointed out that Lithuania sees Belarus as creating its future in Europe...
more »
JDRF Employs VoIP and Web-Based Video Collaboration Enabled by Cisco for More Effective Teamwork Among Employees and Constituents.
more »
On 16 September 2009, AB Bank SNORAS group finished the transaction during which it purchased from AB “Invalda” with its own funds 100 per cent of the shares of AB “Finasta įmonių finansai”, managing AB Bank “Finasta”.
more »
Federal Reserve Chairman Ben Bernanke that the worst U.S. recession since the Great Depression was probably over, but the recovery will take time.
more »
Growth expected to return in the second half of 2009. Forecasts are still uncertain but fears of a severe, prolonged recession are fading.
more »