Monday, Sep 13, 2004
Monday, Sep 13, 2004 |
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London: Gordon Brown, the U.K.'s Chancellor of the Exchequer, has struck a deal to derail Brussels plans for a rapid expansion in the E.U.'s budget, wresting back control for the Finance Ministers of member-states. The European Commission had proposed raising spending to euros 1 trillion, 1.6 per cent of the E.U.'s national income, between 2007 and 2013. But a group of six countries, led by the Netherlands, insisted that, instead of the Commission dictating the budget, the Finance Ministers should set bottom-up spending priorities. Mr. Brown pointed out that if one of the eurozone member-states proposed such a rapid increase in spending in its domestic budget, it would probably be censured by the Commission under the rules of the Stability and Growth Pact, which control spending. He and the French Finance Minister, Sarkozy, backed the Dutch plan, known as "building blocks," under which member states will first negotiate on which areas should get extra cash, before spending plans are agreed. - Guardian Newspapers Limited 2004
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