Germany and France are to receive an 'early warning' with regard to their budget deficits, according to EU Monetary Affairs Commissioner, Pedro Solbes.
Speaking in Brussels on Wednesday, Mr Solbes revealed that Germany is set to breach the 3% of GDP ceiling in both 2002 and 2003, and that France will likely come within a hair's breadth of breaking the threshold, with an estimated budget shortfall of 2.9% in 2003.
Germany's position is especially ironic, given that the country was one of the principle driving forces behind the introduction of the strict spending controls on eurozone countries. However, it is possibly because of this that certain other EU member states have been pushing for the country to receive the same treatment as less powerful countries, such as Portugal, which have already broken the ceiling.
In a separate interview, also published on Wednesday, Belgian Finance Minister, Didier Reynders confirmed this, announcing that: 'Belgium is clear on one point: we have to treat the small and large countries on an equal footing.'
According to Mr Solbes, Italy is also approaching 'dangerous territory', but will not face formal proceedings as yet, due to improved predictions for 2003.
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