UK set to curb its excessive deficit: EU
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The UK seems &quot;just on track&quot; to correct its excessive public sector deficit by the end of the 2006-07 fiscal year, although the outcome may fall short of recommendations, the European Commission has said.
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The European Union has launched a new drive to reduce its regulatory burden on companies, in a bid to tackle one of the most frequent complaints made by business.
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Tight spending controls will allow France to cut its budget deficit by about euro10 billion (US$12 billion) in 2005 and conform with EU rules, the French prime minister said in an interview.
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European Commission president Romano Prodi has unveiled proposals to loosen the deficit rules under the EU Stability Pact. The loosening was drafted by monetary affairs commissioner Joaquin Almunia, who stood beside the president at the announcement.
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France&#39;s public deficit will drop by about euro10 billion (US$12 billion) in 2005 to conform with European Union rules, the French prime minister said in an interview.
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The British and French finance ministers will present a joint initiative to their EU partners next month on tax reductions for "green" products, a European Commission spokeswoman said Friday.
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The new European Commission hopes to exploit divisions among Europe's richest countries to push through an agreement on the EU's next medium-term spending round as early as next June, officials say.
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The global credit crunch will curb euro zone economic growth in the coming quarters but activity will be supported by robust employment and record-high corporate profitability, the European Commission said.
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British finance minister Gordon Brown  said on Thursday he would urge the United States to tackle its  current account and budget deficits, and warned that the weak  dollar was hurting the British and other global economies.
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The G7 group of industrialised states, led by the UK, is set to back a moratorium on debt repayments from countries hit by the Asian tsunami.
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The European Union head office said Tuesday it had concerns over Italian budget deficit figures, only a week after Greece was challenged over alleged sloppy bookkeeping and possible underreporting of deficit figures.
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BRUSSELS The European Commission froze disciplinary action against France and Germany on Tuesday, granting the two biggest euro-zone economies an extra year to bring their budget deficits down.
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GORDON BROWN will insist this week that he will meet his fiscal rules without extra taxes or spending cuts. In a pre-budget report on Thursday that will focus on the long-term challenges for the UK economy
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British public borrowing is set to rise and the government will need to raise taxes or reduce spending to decisively cut the deficit, the Organisation for Economic Cooperation and Development said yesterday.
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France will meet its European budget commitments in 2005, bringing its deficit under the 3 percent of the EU limit for the first time in four years, President Jacques Chirac said Wednesday.
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EU finance ministers have called on the United States to do more to halt the steep fall of the dollar against the euro and other currencies.
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Chancellor Gordon Brown is to announce the UK will write off its share of debts owed by the world's poorest countries to the World Bank.