It is thought that several of the European Union's leading economies used this weekend's G7 summit in Ottowa to air their woes over the EU Stability and Growth Pact.
The G7 meeting, which took place just days before an EU meeting on the politically sensitive issue of tax policy, was understood to have been the forum for France, Germany, Italy, and the United Kingdom to argue that economic cycles should be taken into account when assessing tax and spending policies.
On Tuesday, EU Finance Ministers will decide whether Germany should receive a formal warning over its burgeoning budget deficit. However, the four countries argue that it should not be forced to raise taxes during a recession, and at the weekend sought G7 support for this.
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