Looking back on EU Fines

Thinking further on the potential three hundred million pound or more fine blogged about below, I dug up this old article from the Guardian: Critics warn of disaster as ministers ignore EU commission call to punish violators of euro stability pact Ian Black in Brussels Wednesday November 26, 2003 The Guardian The European commission was left humiliated yesterday after EU finance ministers ignored its demands to punish France and Germany for borrowing too heavily.

In a move widely condemned as a political fudge, most ministers, including the chancellor, Gordon Brown, decided to suspend the sanctions mechanisms which could have brought heavy fines against Paris and Berlin for breaches of the euro-zone's stability and growth pact.

Critics labelled the deal - which gave the two countries until 2005 to get their deficits below the 3% of gross domestic product allowed under the pact - as "a blow to the foundations of monetary union" and a "sin". They warned it could have grave implications for European law and for the new EU constitutional treaty.