12 February 2002, 09:48 Eichel says euro group deal on German budget 'good result'
BRUSSELS (AFX) - German finance minister Hans Eichel said the
compromise reached by euro group finance ministers which avoided the
issuing of a formal warning over Germany's budget deficit was a "good
result".
"Altogether it was a good result. The barren fight over procedures
has not been pursued," he said as he left a five-hour meeting of euro
group finance ministers.
"It was indeed a long debate. We tried to reach a common position
and we succeeded," he said, noting the deal has to be enshrined in the
full 15-member EU finance ministers council later today.
Finnish finance minister Sauli Niinistoe said the 15 ministers will
issue a written statement on the deal.
Asked if Germany's reprieve from receiving a formal warning meant
there was one rule for the big countries and another for the small,
Niinistoe, who had pressed for Germany to be warned, noted that
Portugal also escaped a warning.
"We had a big one one and a small one on the table," he said.
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