Fundamental Reform Of Eurozone Pact Unlikely, Says Barroso

by Ulrika Lomas, for LawAndTax-News.com, Brussels

26 November 2004

Speaking to reporters earlier this week following the first meeting of the new European Commission, EC president, Jose Manuel Barroso dismissed the suggestion that the European regulator is set to comprehensively reform the Stability and Growth Pact which governs the economies of eurozone member states.

Although the Pact is being examined in order to see how it can be made more flexible, Italian Prime Minister, Silvio Berlusconi has reportedly written to the EU Council asking for more far-reaching reforms.

The EU Observer news service on Wednesday reported that this request was forwarded to the Luxembourg government, which will assume the EU presidency in January, and that Prime Minister Jean-Claude Juncker has agreed to put the matter on the agenda of the EU Council meeting next March.

However, Mr Barroso appeared to contradict the suggestion that Berlusconi's request was being seriously considered, telling journalists on Wednesday that he did not feel that "it would contribute to improving the credibility of the pact to bring about a fundamental review".

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