Concerning a return to budgetary balance in Member States. The problems of the Stability Pact and of the timetable for the return, in all Member States, to a balance in national budgets (see this heading in yesterday's EUROPE), made their impromptu entry into the electoral campaign in France, when President Chirac declared that there was no formal commitment on France's part to reach this balance in 2004. But probably sometime later. This was the proof, if such were needed, that the Heads of Government do not read the "Conclusions" of the Summits they attend, as the following commitment is set out in black and white in the Barcelona Conclusions: "Member States will maintain or respect the medium term budgetary objective of close to balance or in surplus by 2004 at the latest".

Only subscribing to texts discussed. The responsibility of this strange anomaly does not so much fall so much on the participants of the Summits, as on those which prepare them, who tend to include in the "Conclusions" an incredible number of subjects most of which have not even been discussed during work. How, in such conditions, can one expect Heads of Government to recall pages and pages to which they have subscribed? The matter is complicated even more in France because of the note from the Finance Minister affirming that, effectively, his country is not likely to have a budget in balance in 2004, except if … new taxes are introduced. But both President Chirac and Prime Minister Jospin have promised lower taxes in their election campaigns.

I am not inclined to over-dramatise this electoral misadventure as the return to surplus or in balance national budgets in all Member States represents such a turning point in the economic history of Europe that one year more or less is irrelevant. The main thing is that the route is traced out and that, one year either way, the aim remains (even if it is understandable that the Commission and the Finance Ministers defend it rigorously, without forgetting that the element of flexibility also appears in the Barcelona text, immediately after the above-mentioned phrase). So there is nothing dramatic about it, but if I hear that this setback must convince the Heads of Government to moderate the volume of their summit "Conclusions" to include only those subjects that were effectively discussed, I can but give hearty applause. (F.R.)