In the run up to a meeting of European Union Finance Ministers in Madrid next week, Spanish Prime Minister Jose Maria Aznar, whose country currently holds the rotating EU Presidency, came out in support of budgetary coordination throughout the eurozone.
This follows suggestions by French President, Jacques Chirac that he will go ahead with planned tax cuts - which could endanger the country's commitment to bring its budget in balance by 2004 - if a centre-right government is elected to support him.
However, Mr Aznar, along with German Chancellor, Gerhard Schroeder stressed the importance of close cooperation and compliance on this issue. Speaking with Mr Schroeder at a meeting of the Federation of German Industry on Tuesday, the Spanish Prime Minister stressed that:
'Our macro-economic policies must be co-ordinated in order to form a coherent whole. If that does not happen, we will experience a weakening of the euro and gamble away our chances.'
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