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ECB's fears unravelling of EU budget rules: report

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The European Central Bank is worried that the EU's strict budget rules are being undermined and major economies treated more leniently than smaller ones, a top ECB official said in a newspaper interview Tuesday.

[FRANKFURT] The European Central Bank is worried that the EU's strict budget rules are being undermined and major economies treated more leniently than smaller ones, a top ECB official said in a newspaper interview Tuesday.

"We would not create trust in the eurozone if we create the perception that what has already been decided is being unravelled," ECB executive board member Benoit Coeure told the Financial Times.

"It's always extremely important in Europe to avoid a situation - or even to avoid the perception - that large countries are treated in a more benevolent way, in a more generous way, in a more flexible way than smaller countries," he said.

France has just been awarded a two-year delay by the EU Commission in Brussels to bring its deficit below the 3.0-per cent ceiling laid down in EU rules.

AFP

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