Brussels, 18/03/2005 (Agence Europe) - Commissioner for Economic and Monetary Affairs Joaquin Almunia is “reasonably confident” that an agreement will be reached on Sunday on review of the Stability and Growth Pact, his spokesperson told the press on Friday. On Sunday afternoon, final negotiations - first of all between euro zone finance ministers then with their counterparts from other Member States within the enlarged Eurogroup - should result in a draft resolution of the European Council. The president of the Eurogroup, Ecofin and the European Council, Jean-Claude Juncker, did not conceal the fact that an agreement was within the Eurogroup's reach, but that this possible 12-party compromise could come up against the intransigence of States that do not belong to the euro zone.
Joaquin Almunia's spokesperson said that an agreement would be “in everyone's interest” but recognised that it would surprising if the ”Heads of State and Government did not have to discuss any aspects of the agreement” during their summit on 22 and 23 March. If the finance ministers of the EU25 find it difficult to reach exact guidelines concerning reform of the Pact, then Mr Juncker may, at the end of the day, present a text to the European Council that has not been the subject of agreement within the Eurogroup (see “A Look Behind the News” of 18 march). A list of possible attenuating circumstances for the calculation of a State's excessive deficit may not appear in the agreement, the Luxembourg prime ministers had also pointed out after the last Ecofin Council (EUROPE of 9 March, p.7). On this occasion, and again on Wednesday before the national parliaments (EUROPE of 17 March, p.7), he had shown some exasperation given the claims and inconsistencies of certain Member States which, although they found the list too long, hoped nonetheless to add certain types of spending that they felt were relevant. “The Commission has never been in favour of such a list”, the spokesperson said, considering that “the Commission can very well interpret the Treaty” in its current form as far as “relevant factors” are concerned (Article 104§3). The list would aim to set out the elements to be taken into account by the Commission at the time when its report is drafted, noting whether or not there is excessive deficit in Member States over and beyond the 3% of GDP threshold.