WELL I TOLD YOU SO ,

CALL ME BIG HEAD IF YOU LIKE . BUT I ALWAYS TRY TO TELL THE TRUE AS I SEE IT.

...THIS IS OFFICAL,,,19-10-02
Germany to break Stability Pact. German Finance Minister Hans Eichel admitted for the first time that Germany would exceed the 3 percent limit for budget deficits. The Commission confirmed that the “excessive deficit procedure” would be initiated. This could result in a fine of €10 billion for Germany.

*** THEY THINK IT MUST BE IMPORTANT TO HAVE HAVE €BN10 FINES, OR DO THEY?.-----..EU Monetary Affairs Commissioner Pedro Solbes launched discipline action against Germany on the basis of forecasts that Europe's largest economy would run a 2002 deficit of 3.8 percent of gross domestic product, above the EU's three percent cap. France, the euro zone's second economy, risks breaking this limit in 2003 and should be sent an official warning, Solbes said. Its deficit is forecast at 2.7 percent of GDP in 2002 and 2.9 percent in 2003. "Germany is expected to have a budget deficit clearly exceeding three percent of GDP in 2002 ... On the basis of these data, the Commission will launch the excessive deficit procedure,'' Solbes said, paving the way for a report on Germany's budget health on November 19.

Portugal, the first country to trigger the excessive deficit procedure after it reported a shortfall of 4.1 percent in 2001, is expected to run a deficit of 3.4 percent in 2003 and 2.9 percent in 2003, the Commission said. The Commission also expressed concern about Italy's 2002 deficit, forecast at 2.4 percent of GDP and its debt, expected to be equivalent 110.3 percent of GDP in 2002.

IF WE CAN N'T TRUST THE GERMANY TO GET IT RIGHT. WHEN THEY MAKE UP MOST OF THE RULES.
PERSONNELLY I WOULD ONLY TRUST THE DUTCH, MAY BE THE DANES AND THE SWEDES.

The north sea fishing as be , devastated by greed, The Brits like fools stick to the rules, but no one else, and so the Euro will go the same way.

I TOLD YOU, TOO MANY EURO RULES... WHEN YOU SEE A FRENCH MAN IN THE STREET OR PUB. ASK HIM KINDLY. WHY DO LITTLE HOLLAND PAY MORE TO THE EEC THAN FRANCE. "well well! it's the rules," does France always stick to the rules. "of course." THE COUNTRIES THAT PAY THE MOST SHOULD HAVE THE BIGGEST SAY.

WELCOME TO THE europe pals

Welcome to
... Larger E.E.C ...
SORRY IN ENGLISH ...

Economy picking up Although Poland is still very poor by EU standards, its economy is doing well in many respects. A slowdown of growth to 1-1.5 per cent this year is not unexpected in the context of slow EU-wide growth. It has had the advantage of bringing inflation right down to just over 2% per annum this year from an expected 4.6% figure. A disadvantage, however, is that the national debt has risen from 41% to 50% of GDP.THIS I THINK IS THE MOST IMPORTANT STATEMENT Still these figures make Poland a possible candidate for entry into Euroland, which requires inflation of under 3%, the same for the budget deficit as a percentage of GDP and a national debt: GDP ratio of under 60%, all manageable by Poland. It just needs a return of growth and that depends largely on German and EU policies broadly outside its control. What is more or less in its power is fiscal policy. Monetary policy is in the hands of its independent national bank, run by the architect of Polish reform as finance minister in the early 1990s, Leszek Balcerowicz. He is hawkish on interest rates and there is likely to be little relaxation of them on his watch unless inflation is squeezed right out.