Copenhagen, 06/09/2002 (Agence Europe) - There is currently no question of revising the rules of the Stability Pact, confirmed several Ministers before beginning work at the informal ECOFIN Council on Friday in Copenhagen. "We have very good rules. There is no reason why they should be modified", declared the President of the Council, Thor Pedersen, explaining that the issue was not on the agenda at the meeting. Spanish Minister, Rodrigo Rato, said that the Stability Pact was "an instrument for the credibility of economic policy"…I don't think any country is going to start questioning their commitments", he added. Austrian Minister, Karl-Heinz Grasser declared that nothing should be touched which would send the wrong message to the markets. Didier Reynders (Belgium) pointed out that the recovery is not as strong as expected but the perspectives for growth, "will put pressure on governments to respect their commitments".
On Friday, Ministers are expected to review negotiations with Switzerland on savings taxation, energy tax and the budgetary consequences of enlargement, before meeting under the Chairmanship of the Greek Minister, Nikos Christdoulakis at EUROGROUP. Mr Grasser indicated that before work began that Austria regarded Switzerland's last proposal on a withholding tax (see EUROPE 5 September p 11) did not represent an "equivalent" measure" to that which would be put in place within the directive on a taxation on savings in the EU