Brussels, 21/08/2002 (Agence Europe) - While expressing his sympathy for the victims of the floods that have hit central Europe, Commissioner Pedro Solbes also welcomed the efficient response from the German authorities to the crisis and the fact that the measures would be funded without endangering the fiscal consolidation process, "The decisions of the German government as well as the already adopted decisions of the Austrian government show that national governments can react efficiently within the framework of the European stability and growth pact." Mr Solbes reacted in a similar way to a declaration by the German Minister of Finance who indicated on Monday that his country intended to respect its commitment to the Stability Pact, despite the imposition of a new financial charge as a response to the floods. Hans Eichel declared on ZDF television that they remained completely committed to the Stability Pact and asserted that the deficit would not exceed 3% of GDP despite the impact of the floods. Germany closely escaped from an official warning from the EU, after announcing that the deficit would increase to 2.7%. The government made a commitment to bring its budget close to balance by 2006.