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3/3/06

EU steps up budget action against Germany

Turkish Daily News Mar 03, 2006

"EU steps up budget action against Germany
Friday, March 3, 2006

BRUSSELS - Reuters

The European Commission ratcheted up its budget disciplinary procedure against Germany on Wednesday to the final stage before sanctions, giving Berlin until 2007 to cut its budget deficit to within European Union limits.

The decision, if endorsed by EU finance ministers on March 14, will end a long battle between the EU executive and the German government over fiscal policy, which last year led to a revision of EU budget rules in the Stability and Growth Pact.

It will also boost the credibility of the pact, which underpins the euro by putting limits on government borrowing, Economic and Monetary Affairs Commissioner Joaquin Almunia said."

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