European Monetary Affairs Commissioner Mr Joaquin Almunia said today he did not expect resistance from the European Central Bank (ECB) over proposed changes to the Stability and Growth Pact.
Asked if he expected opposition to the changes, Mr Almunia said "No . . . (ECB President) Jean-Claude Trichet knows that the objectives of the pact remain the same as they have been since the beginning and that the rules which we could change are going to be based on a wide consensus," Mr Almunia told reporters in Madrid.
Brussels last week suggested loosening some elements of the rules that underpin the euro to make them more growth friendly, for example by redefining the circumstances under which countries that break their deficit cap might escape disciplinary action.
Mr Almunia rejected suggestions the changes were set out to benefit heavyweights France and Germany, which have broken the Stability Pact's budget deficit rules.
"It's an adaptation which aims to get everyone to comply with the pact rules."
He said the revision process would continue into next year, with a formal proposal, based on a wide consensus, likely during the first half during Luxembourg's six-month EU presidency.