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Europe Daily Bulletin No. 8863
Contents Publication in full By article 14 / 34
GENERAL NEWS / (eu) eu/stability pact

Joaquin Almunia wants Ecofin council on 18 January to define series of criteria for assessing deficit

Brussels, 10/01/2005 (Agence Europe) - On 7 January in an interview with the Figaro the EU for economic and monetary affairs declared that he was "optimistic about the likelihood of obtaining an agreement" (on the Stability and Growth Pact) before the European Council of mid-March". In this perspective, Joaquin Almunia explained that the meeting of finance ministers on 18 January would be decisive, notably in connection with the definition of a certain number of common criteria for evaluating the budgetary deficit. Although he asserted that the red line - "which preserves the reference value of the treaties (at 3%)" for triggering excessive debt procedures -Almunia also considered that in certain conditions, the Commission could agree to deadlines lasting several years for a return to under the 3% threshold. In an interview published on the same day by the Handelsblatt, Mr Almunia explained that these aliments would allow for an evaluation of public finance "that was more differentiated to what they had had up to present". According to the German newspaper, the Commissioner indicated that criteria that would be taken into account for improving the way the pact worked would include: the level of public debt and the net contribution to the EU budget, spending on research and development, structural reforms in Member States. Addressing the Figaro, Almunia did, however, rule out entire spending categories being withdrawn from the deficit calculation. He said that such an evolution was simply not on (EUROPE 4 January, p.7, on the recent declarations of Jean-Claude Juncker on the Pact).

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