Wed, 09 Mar 2005
From: AFP

No agreement on reforming Stability and Growth Pact

Agence France-Presse, Brussels

Eurozone finance ministers have failed to reach agreement on reforming their much-maligned Stability and Growth Pact, which sets limits on public deficits, after a marathon debate wrapped up with only a promise to meet again.

France and Germany have lobbied hard to get more flexibility into the stability pact, raising the ire of smaller countries such as Austria and The Netherlands, which have been pushing for the principles of fiscal discipline to be upheld.

At a Franco-German summit in Germany, French President Jacques Chirac said on Monday that the pact must have a "political" dimension and not be enforced without flexibility.

The key tenet of the stability pact says 12 eurozone members must keep public deficits below three percent of output, a limit France and Germany have exceeded for several years.

The economic battle will be rejoined on March 20, just ahead of a March 22-23 summit at which the EU heads of state hope to approve the agreed changes.

Luxembourg Prime Minister Jean-Claude Juncker, whose country currently occupies the EU's rotating presidency, said the eurozone nations would meet first on March 20, followed by a discussion by all 25 EU member nations on the same day.

Juncker hopes those meetings will make the necessary progress; "We are heading towards agreement," he said.

For his part, German Finance Minister Hans Eichel proclaimed himself "optimistic" on the chance of agreement at the next meeting.

His French counterpart Thierry Breton called Monday's marathon meeting "good".

The Luxembourg proposals addressed many of the French and German concerns, suggesting, in particular, that mitigating circumstances should be taken into account before launching excessive deficit procedures.

Such circumstances could include German reunification costs, spending on research and development, pension reforms, defense spending, and, unexpectedly, the impact of the rise of the euro.

The proposals also suggest that countries in breach of the deficit limit should have an extra year to comply with the three percent limit, if their economic growth is less than one percent over three years.

The Luxembourg presidency proposed that countries making important reforms or that used times of economic growth to fortify their budgets would enjoy more leeway when their fiscal situation got worse.

German Chancellor Gerhard Schroeder was to meet late on Tuesday with Juncker to present France and Germany's joint position on reforming the stability pact.

Such lobbying by the two countries goes down badly with smaller countries that have been fighting hard to get strict and clear guidelines for budgetary discipline enshrined in the reforms to the stability pact.

Austrian Finance Minister Karl-Heinz Grasser, who has led the camp in favor of fiscal discipline, also voiced a skeptical note ahead of the meeting.

"I think there's been progress, but much of it in the wrong direction," he said.

International credit rating agency Standard and Poor's warned Monday that a weakening of the stability pact's rules could damage the debt ratings of some eurozone countries.





News Search/Filter
Transaction Rates
19 Sep 18
Buy
Sell
AED1
3,923.78
3,923.78
AFN1
191.22
191.22
ALL1
132.86
132.86
AMD1
29.75
29.75
ANG1
7,814.78
7,814.78
AOA1
50.43
50.43
ARS1
362.50
362.50
AUD1
10,412.55
10,412.55
AWG1
8,000.41
8,000.41
AZN1
8,465.65
8,465.65
BAM1
8,612.62
8,612.62
BBD1
7,206.38
7,206.38
BDT1
171.79
171.79
BGN1
8,606.69
8,606.69
BHD1
38,220.14
38,220.14
BIF1
8.12
8.12
BMD1
14,412.77
14,412.77
BND1
9,539.47
9,539.47
BOB1
2,086.56
2,086.56
BRL1
3,464.53
3,464.53
BSD1
14,412.77
14,412.77
BTC1
91,283,053
91,283,053
BTN1
198.40
198.40
BWP1
1,321.97
1,321.97
BYN1
6,813.93
6,813.93
BZD1
7,173.18
7,173.18
CAD1
11,109.98
11,109.98
CDF1
8.78
8.78
CHF1
14,954.11
14,954.11
CLF1
616,457.50
616,457.50
CLP1
21.07
21.07
CNH1
2,100.74
2,100.74
CNY1
2,100.31
2,100.31
COP1
4.77
4.77
CRC1
24.94
24.94
CUC1
14,412.77
14,412.77
CUP1
565.20
565.20
CVE1
152.55
152.55
CZK1
661.85
661.85
DJF1
80.72
80.72
DKK1
2,256.03
2,256.03
DOP1
288.44
288.44
DZD1
122.13
122.13
EGP1
804.66
804.66
ERN1
961.03
961.03
ETB1
520.44
520.44
EUR1
16,829.80
16,829.80
FJD1
6,798.31
6,798.31
FKP1
18,977.31
18,977.31
GBP1
18,977.31
18,977.31
GEL1
5,890.00
5,890.00
GGP1
18,977.31
18,977.31
GHS1
3,021.86
3,021.86
GIP1
18,977.31
18,977.31
GMD1
296.25
296.25
GNF1
1.59
1.59
GTQ1
1,882.87
1,882.87
GYD1
68.96
68.96
HKD1
1,837.43
1,837.43
HNL1
600.05
600.05
HRK1
2,265.55
2,265.55
HTG1
207.72
207.72
HUF1
51.96
51.96
IDR1
1.00
1.00
ILS1
4,014.35
4,014.35
IMP1
18,977.31
18,977.31
INR1
197.83
197.83
IQD1
12.09
12.09
IRR1
0.33
0.33
ISK1
131.46
131.46
JEP1
18,977.31
18,977.31
JMD1
106.05
106.05
JOD1
20,313.90
20,313.90
JPY1
128.36
128.36
KES1
142.84
142.84
KGS1
211.52
211.52
KHR1
3.51
3.51
KMF1
34.21
34.21
KPW1
16.01
16.01
KRW1
12.84
12.84
KWD1
47,578.38
47,578.38
KYD1
17,301.62
17,301.62
KZT1
39.27
39.27
LAK1
1.69
1.69
LBP1
9.52
9.52
LKR1
87.17
87.17
LRD1
90.13
90.13
LSL1
968.25
968.25
LYD1
10,411.78
10,411.78
MAD1
1,534.80
1,534.80
MDL1
856.69
856.69
MGA1
4.22
4.22
MKD1
273.36
273.36
MMK1
9.23
9.23
MNT1
5.90
5.90
MOP1
1,784.55
1,784.55
MRO1
40.31
40.31
MRU1
402.59
402.59
MUR1
419.58
419.58
MVR1
935.89
935.89
MWK1
19.81
19.81
MXN1
766.51
766.51
MYR1
3,479.24
3,479.24
MZN1
237.59
237.59
NAD1
968.25
968.25
NGN1
39.75
39.75
NIO1
449.51
449.51
NOK1
1,767.47
1,767.47
NPR1
124.00
124.00
NZD1
9,493.62
9,493.62
OMR1
37,430.33
37,430.33
PAB1
14,412.77
14,412.77
PEN1
4,360.47
4,360.47
PGK1
4,337.72
4,337.72
PHP1
266.56
266.56
PKR1
116.88
116.88
PLN1
3,924.82
3,924.82
PYG1
2.46
2.46
QAR1
3,958.44
3,958.44
RON1
3,623.13
3,623.13
RSD1
142.27
142.27
RUB1
213.93
213.93
RWF1
16.47
16.47
SAR1
3,843.04
3,843.04
SBD1
1,826.92
1,826.92
SCR1
1,059.40
1,059.40
SDG1
800.99
800.99
SEK1
1,618.75
1,618.75
SGD1
10,520.60
10,520.60
SHP1
18,977.31
18,977.31
SLL1
1.71
1.71
SOS1
24.93
24.93
SRD1
1,932.52
1,932.52
SSP1
110.64
110.64
STD1
0.68
0.68
STN1
696.26
696.26
SVC1
1,647.71
1,647.71
SYP1
27.98
27.98
SZL1
967.73
967.73
THB1
442.65
442.65
TJS1
1,529.79
1,529.79
TMT1
4,106.22
4,106.22
TND1
5,187.43
5,187.43
TOP1
6,237.84
6,237.84
TRY1
2,252.29
2,252.29
TTD1
2,139.16
2,139.16
TWD1
468.97
468.97
TZS1
6.31
6.31
UAH1
512.08
512.08
UGX1
3.77
3.77
USD1
14,412.77
14,412.77
UYU1
434.44
434.44
UZS1
1.79
1.79
VEF1
0.05
0.05
VND1
0.62
0.62
VUV1
132.83
132.83
WST1
5,567.93
5,567.93
XAF1
25.65
25.65
XAG1
204,300.46
204,300.46
XAU1
17,289,799.16
17,289,799.16
XCD1
5,333.02
5,333.02
XDR1
20,209.56
20,209.56
XOF1
25.65
25.65
XPD1
14,605,570.10
14,605,570.10
XPF1
141.03
141.03
XPT1
11,746,354.18
11,746,354.18
YER1
57.58
57.58
ZAR1
968.98
968.98
ZMW1
1,325.82
1,325.82
ZWL1
44.71
44.71
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services