France calls on Dutch to respondto euro pact ruling

13th July 2004, Comments 0 comments

PARIS, July 13 (AFP) - France said on Tuesday that it was for the Dutch presidency of the EU to react to a European court ruling cancelling a decision by EU ministers who had relaxed deficit rules for France and Germany.

PARIS, July 13 (AFP) - France said on Tuesday that it was for the Dutch presidency of the EU to react to a European court ruling cancelling a decision by EU ministers who had relaxed deficit rules for France and Germany.

The French economy ministry said that it would leave reaction to the president of the Eurogroup of eurozone finance ministers.

The ministry said that the Eurogroup ministers had agreed at their last meeting on July 5 that the group's president, Dutch Finance Minister Gerrit Zalm, would respond "in the name of all his colleagues".

The ministry also said that during the day French Economy and Finance Minister Nicolas Sarkozy would have a telephone conversation with Zalm.

On Tuesday the European Court of Justice annulled a November 25, 2003 decision by the EU council of ministers which had suspended procedures against France and Germany for running public deficits in excess of the limit of 3.0 percent of output laid down in the Stability and Growth Pact.

The pact is intended to underpin the economic fundamentals and the credibility of the euro, and the court ruled that EU ministers could not deviate from the rules in the pact.

 

© AFP

Subject: French news

0 Comments To This Article