AIRLINK 217.98 Decreased By ▼ -4.91 (-2.2%)
BOP 10.93 Increased By ▲ 0.11 (1.02%)
CNERGY 7.55 Decreased By ▼ -0.01 (-0.13%)
FCCL 34.83 Decreased By ▼ -2.24 (-6.04%)
FFL 19.32 Increased By ▲ 0.08 (0.42%)
FLYNG 25.15 Decreased By ▼ -1.89 (-6.99%)
HUBC 131.09 Decreased By ▼ -1.55 (-1.17%)
HUMNL 14.56 Decreased By ▼ -0.17 (-1.15%)
KEL 5.18 Decreased By ▼ -0.22 (-4.07%)
KOSM 7.36 Decreased By ▼ -0.12 (-1.6%)
MLCF 45.63 Decreased By ▼ -2.55 (-5.29%)
OGDC 222.08 Decreased By ▼ -1.18 (-0.53%)
PACE 8.16 Decreased By ▼ -0.02 (-0.24%)
PAEL 44.19 Increased By ▲ 0.69 (1.59%)
PIAHCLA 17.69 Decreased By ▼ -0.37 (-2.05%)
PIBTL 8.97 Decreased By ▼ -0.10 (-1.1%)
POWERPS 12.51 Decreased By ▼ -0.50 (-3.84%)
PPL 193.01 Decreased By ▼ -5.23 (-2.64%)
PRL 43.17 Increased By ▲ 0.93 (2.2%)
PTC 26.63 Decreased By ▼ -0.76 (-2.77%)
SEARL 107.08 Decreased By ▼ -3.00 (-2.73%)
SILK 1.04 Decreased By ▼ -0.02 (-1.89%)
SSGC 45.00 Decreased By ▼ -2.30 (-4.86%)
SYM 21.19 Increased By ▲ 0.42 (2.02%)
TELE 10.15 Decreased By ▼ -0.37 (-3.52%)
TPLP 14.51 Decreased By ▼ -0.44 (-2.94%)
TRG 67.28 Decreased By ▼ -1.57 (-2.28%)
WAVESAPP 11.29 Decreased By ▼ -0.63 (-5.29%)
WTL 1.70 Decreased By ▼ -0.09 (-5.03%)
YOUW 4.25 Decreased By ▼ -0.10 (-2.3%)
BR100 12,397 Increased By 33.3 (0.27%)
BR30 37,347 Decreased By -871.2 (-2.28%)
KSE100 117,587 Increased By 467.3 (0.4%)
KSE30 37,065 Increased By 128 (0.35%)

German Finance Minister Hans Eichel reiterated on Sunday his view that there is a need for a less mechanical implementation of the European Union's Stability and Growth Pact.
"Until now, we've handled the EU Stability Pact in too much of a mechanical and legalistic way," Eichel told the Handelsblatt newspaper in an interview to appear on Monday.
"It's a mistake to view just one single criteria, the three percent deficit - which I'm not casting any doubt on," he said. "I'm confident we'll jointly come to a reasonable discussion on it."
Germany has broken the Pact's limit on budget deficits, set at three percent of gross domestic product, for two years.
In November it teamed up with France, which is in a similar position, to persuade EU finance ministers effectively to suspend the Pact's sanction mechanism.
Both countries are on track to break the deficit limit again this year and possibly also in 2005, something which would have opened the door to fines laid down in the pact.
Eichel has blamed three years of weak growth for Germany's budgetary woes, although problems have also arisen as the country is mid-way through implementing a programme of tax cuts.

Copyright Reuters, 2004

Comments

Comments are closed.