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

MEPs debate financial crisis and upcoming European Council

The EU should act in a united fashion to tackle the financial market crisis, and Member States should avoid unilateral steps which cause problems for their neighbours, according to most of the MEPs taking part in the debate on next week's EU summit and the financial turmoil. more »

Lithuania Follows the Decision to Increase Deposit Guarantee Protection

Following the decision by the Economic and Financial Affairs Council (ECOFIN), the Government of Lithuania raises deposit guarantee protection for individuals from EUR 22,000 up to EUR100,000, demonstrating the credibility of Lithuanian finance sector and safety of deposits at financial institutions. more »

Financial crisis: MEPs assess EU action and impact

As banks tumble like bowling pins and confidence plummets, Thursday sees MEPs consider whether to back wider financial regulation. more »

Lithuanian foreign Ministry emphasizes that disputes of commercial companies are arbitrated by courts and not by politicians

On 6 October, the Embassy of Latvia to Lithuania received a reply to the note of Latvian Ministry of Foreign Affairs regarding the ruling of Vilnius District Court pertaining to the Latvian company airBaltic and Riga’s airport on the basis of the request of the Lithuanian company flyLAL. more »

“The Lithuanian Economic Forum” to be hold in London

Lithianian Development Agency in cooperation with the Lithuanian Embassy to the United Kingdom of Great Britain and Northern Ireland as well as Alro Group, a real estate investment consultant, based in London, present “The Lithuanian Economic Forum” which will take place on October 8 in London. more »

Silvio Berlusconi Promises His Support for the Extension of the Work of Ignalina NPP

Italian Prime Minister Silvio Berlusconi thinks that the closedown of Ignalina NPP might be postponed and affirmed this opinion to Lithuanian Prime Minister Gediminas Kirkilas who is presently on a working visit to Rome. more »

Cisco Targets $34B Market with New Collaboration Portfolio

Open Collaboration Portfolio Integrates Cisco Unified Communications, Cisco TelePresence and Cisco WebEx. more »

Wincor Nixdorf presents expanded portfolio of software solutions for postal services providers

Wincor Nixdorf's portfolio of software solutions for the branch business of postal services providers, PC/E Postal Solution Suite, has been newly structured and expanded to include additional functionalities. more »

Verizon Business Hosts Final Webinar Today in Three-Part Security Series

Session to Focus on How Enterprises Can Proactively Reduce Risk. more »

Revised gross domestic product

The revised GDP growth rate in II quarter 2008 equalled 5.2 per cent. more »