Brussels, 20/06/2002 (Agence Europe) - On the basis of a compromise drafted by the Spanish Presidency, Economy and Finance Ministers meeting on Thursday evening in Madrid, were on the point of reaching a compromise on the main economic policy guidelines for 2002, although there were some questions still being raised by France on the compromise formula being suggested for achieving a balance in public spending in 2004.
There is a reference in the compromise text, that is expected to be submitted to the ECOFIN Council, on the date for the BEPG for 2004 for reaching a budget that is "close to balance" (as opposed to "in balance", according to the Commission recommendation). At the same time, the Presidency suggests that the European Council calling European Finance Ministers to examine the definition of a position "close to balance" in the medium term, be added the BEPG draft conclusions (expected to be adopted by the Heads of State and Governments at Seville). Other countries which also had certain reservations that were less serious on certain passages of the BEPG, were close to reaching agreement: apart from the commission, all countries appeared to agree to accept the request of Portugal to replace "a balanced budget" with a "budget close to balance" in 2004; Belgium is expected to obtain its reference on the indicators on the quality of employment; the United Kingdom, the taking into account of the "economic cycle" for respecting the Stability Pact provisions didn't seem to pose a problem, the way in which the relation is made between reform and the pensions system and respecting the Stability Pact also seemed to suit Germany.