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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Chispas who wrote (25172)	3/9/2005 11:17:42 AM
From: mishedlo	Read Replies (1) of 116555

Belgium´s Reynders says Germany, UK blocking deal on stability pact reform Wednesday, March 9, 2005 3:34:48 PM forexstreet.com Belgium's Reynders says Germany, UK blocking deal on stability pact reform BRUSSELS (AFX) - Belgian finance minister Didier Reynders said Germany and, to a less extent, the UK are blocking an EU deal on reforms to the stability and growth pact, even if he remains "reasonably optimistic" of an agreement in the end "What is blocking (a deal) today is the German position," Reynders told BFM-Belgique radio in reference to the euro zone heavyweight's insistence on special treatment in recognition of its reunification costs "We are very close to an agreement, ... if we succeed in convincing our German colleagues, we will have an agreement," he said the day after EU finance minister failed to agree on rewriting Europe's fiscal rulebook Reynders said work is also still needed to get the UK to agree to the proposed reforms, but he said the problem is "not insurmountable" The UK backs Germany in opposing any extension of the European Commission's powers over economic and fiscal powers The Belgian minister said he did rule out the possibility that the special meeting of euro group ministers called for March 20 would go on at least into the next day in a bid to reach a deal ahead of the leaders' gathering on March 22 and 23

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