BERLIN (MNI) – The German Finance Ministry is “very pleased” about
the compromise on reform of the EU Stability and Growth Pact, Deputy
Finance Minister Steffen Kampeter said Tuesday.
“This is a good day for the stability culture in Europe,” Kampeter
told journalists in Berlin. “We’re very pleased about the results of the
Van Rompuy working group,” he said.
Eurozone finance ministers on Monday agreed on the main points for
reforming economic governance in the 16-nation bloc. European Council
President Herman Van Rompuy, who has chaired several meetings on the
topic, released the final report of his working group today.
“Sanctions will come earlier, they are sharper and will become
effective earlier,” Kampeter explained. “I think this is a big success.”
European Union finance ministers first decided to beef up the rules
on debt and deficit levels earlier this year, after concerns about some
Eurozone members caused chaos in the markets and forced the Eurozone and
the International Monetary Fund to create aid mechanisms for Greece and
other EMU states.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$,M$G$$$]
