ECOFIN Presidency's Steinbrueck says euro zone to have zero deficit by 2010 |
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Tue, 08 May 2007 12:58
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BRUSSELS (Thomson Financial) - German finance minister Peer Steinbrueck, whose country holds the rotating EU presidency, said the euro zone is expected to be free of structural deficit by 2010.Speaking to journalists after chairing the meeting of euro zone finance ministers last night and the wider gathering of all 27 ministers this morning, Steinbrueck said the euro zone 'by 2010 will have nil structural deficit'.He added that 'this is more likely because of the economic situation'.Steinbrueck said the euro group reaffirmed last night that 'exchange rates should reflect economic fundamentals' and that currency volatility is 'not very good for economic development'.He declined to comment further on the ministers' debate on exchange rates.'I know there can be reactions, and I don't want to provoke any reactions by word or deed,' he said.EU economic and monetary affairs commissioner Joaquin Almunia said the European Commission will next week discuss ending disciplinary action against Germany, Greece and Malta, now that their deficits are in line with EU rules.If the commission agrees to halt the disciplinary action, EU finance ministers will debate this at their meeting next month in Luxembourg, Almunia said.He also said there is no need further further disciplinary measures against Italy, given the progress that it has made in bringing its deficit below the stability and growth pact's limit of 3 pct of GDP.victoria.main@thomson.comvm/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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