EU ends long-running budget battle with France and Germany

Based on an assessment of the budgetary situation of France and Germany showing that the two countries are on track to bring their budget deficits to or below 3% of GDP in 2005, the Commission concluded, 14 December 2004, that no further steps are necessary at this point under the excessive deficit procedure. However, the Commission is to stay vigilant as the budgetary situation in the two countries remains vulnerable. The assessment takes into account the July 2004 judgement of the Court annulling the November 2003 Council conclusions on Germany and France.

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