It emerged earlier this week that eurozone finance ministers have failed to reach agreement on reforming the Stability and Growth Pact which governs their economies.
Despite nearly ten hours of discussion on the changes necessary to make the Pact more flexible, the divisions between member states such as France and Germany on one side, and Austria and the Netherlands on the other were not healed at the meeting which took place on Monday.
However, Luxembourg's Prime Minister, Jean-Claude Juncker reportedly announced after the talks that: "We have made good progress. It's still difficult but we are progressing towards an agreement."
According to the European media, the 3% of GDP ceiling for budget deficits is likely to remain in place, with disagreements now centring on the types of circumstances that should be taken into account when considering the appropriate action for countries which have breached the deficit limit.
A new meeting on the matter has been scheduled for March 20.
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