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

"The ocean of tomorrow": €34 million dedicated to multidisciplinary research projects to reconcile maritime activities with the preservation of seas and oceans

The European Commission launched "The ocean of tomorrow " call for research proposals. Oceans cover about 70% of the Earth's surface, but human activity is increasing environmental pressure on them. more »

Georgian businesses get additional access to finance

The EBRD is stepping up its support to the real economy in Georgia with new funds for on-lending to local businesses. more »

Lithuania's Ambassador to Germany discussed how to renew the crediting of the export of goods to Lithuania

Lithuania’s Ambassador to Germany and Special Representative for EU External Relations in the German Foreign Office discussed the situation regarding the decision of private credit insurance company in Germany Euler Hermes to apply the rating of a maximum risk country for Lithuania. more »

Parex banka signs subordinated debt agreement with the EBRD

Peter Reiniger Business Group Director for Central Europe and the Western Balkans from the European Bank for Reconstruction and Development visited Latvia to sign subordinated loan agreement with Parex banka. more »

28 million EU support for the promotion of agricultural products

The European Commission has approved 16 programmes in 12 Member States to provide information on and to promote agricultural products in the European Union. more »

Support for struggling dairy industry

New measures to help farmers through recession as milk prices tumble. more »

Bernanke sees economic signs of life

Federal Reserve Chairman Ben Bernanke said the outlook for the long-suffering U.S. economy appears to be improving. more »

International support to modernize water sector in Kyrgyzstan

The Swiss Government and the EBRD are providing €11.8 million to improve the supply of water to some 1 million people living in Bishkek, the capital of the Kyrgyz Republic. more »

The European Commission allocates €70 million for key investment projects in the EU’s Neighbourhood

The Neighbourhood Investment Facility (NIF), a key instrument of the intensified European Neighbourhood Policy (ENP), will benefit in 2009 from a €70 million contribution by the European Commission. more »

EBRD supports construction sector in Romania

In response to the impact of the global crisis on the Romanian construction sector, the EBRD is supporting Lafarge Ciment (Romania) S.A. with a €20 million loan in Romanian lei to finance the company’s operations and to support its working capital requirements. more »