It’s Official: France Wins the Budget Deficit Battle
Friday, October 31st, 2003You know that has to be true when the hardest-liner on the side of making France pay a fine for its flouting of the 3%-of-GDP budget deficit limit, Dutch finance minister Gerrit Zalm, finally throws in the towel. That he is now doing so is clear from an interview published in today’s Het Financiële Dagbald (subscription required). The scheduled meeting next Monday evening of EU finance ministers, long thought to be a setting for confrontation, will now merely be a formality as the lenient stance proposed by EU Economic and Monetary Affairs Commissioner Perdo Solbes is approved. Even though for him personally Monday’s meeting is sure to be, as the article puts it, “a long and unpleasant session,” in the end Zalm himself might even vote to approve Solbes’ proposal, if only to head off even more-lenient treatment of the French that some may use that occasion to advance. (more…)