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

EU27 deficit in trade in goods with China of 170 bn euro in 2008

Between 2000 and 2008 EU27 trade in goods with China more than tripled in value, with EU27 exports to China rising to 78 billion euro in 2008 compared with 26 bn in 2000, and imports rising to 248 bn from 75 bn. more »

Euro area external trade surplus 0.4 bn euro

The first estimate for the euro area (EA16) trade balance with the rest of the world in March 2009 gave a 0.4 bn euro surplus, compared with -2.3 bn in March 2008. more »

AB Bank SNORAS distributes two emissions of the fixed interest bonds

On May 18 this year, AB Bank SNORAS begins to distribute two emissions of one-year fixed interest bonds. more »

DnB NORD Bankas revises deposit rates

Taking into account changes on international and domestic money markets AB DnB NORD Bankas, a member of international financial group, has changed time deposit rates for individual customers. more »

Sri Lankan army claims victory

The 25-year Sri Lankan civil war looks to be in its final throes. more »

UK lawmakers in claims row

The sheer scale and nature of taxpayers' cash claimed as allowances by Britain's lawmakers has stunned the nation. more »

Commission sends formal request to Lithuania concerning contract for modernisation of railway radio communication system

The European Commission has decided to send a formal request to Lithuania regarding the award of a works contract by Lithuania Railways for the modernisation of the railway radio communication system through the introduction of a GSM-R system. more »

Economic crisis: the European Parliament's response

The speed and depth of the financial crisis has been brutal and over the last year MEPs have been hard at work on a two-fold approach to the crisis. more »

UniCredit announces its “Green Deal”

The Group commits to reducing its CO2 emissions by 30% by 2020 supporting the “20-20-20” goal set by the EU. more »

SNORAS Spyker Squadron team was the fifth to finish Le Mans Series

This weekend, in the second round of Le Mans Series championship on SPA track, in Belgium, SNORAS Spyker Squadron team that participated there took the fifth high position. more »