European Court of Justice authorizes the task of punishing violators of the rules of the budget

Group of 20 defuse 'currency war'

European officials said that the Charter set a budget proposal euro zone countries will give the European Court of Justice the power to impose financial penalties on countriesthat fail to amend their national legislation to include the text should not be a deficit in thenational budget.

Jean-Claude Aonakr Prime Minister of Luxembourg and President of the Eurogroup, the Court will have the authority to verify the respect of law, including the mechanisms andautomatic correction in case of budget deficit and will also have the right to imposesanctions on countries that do not abide by the rules. But Aonakr acknowledged the existence of legal difficulties facing the granting institution affiliated to the European Unionauthority to monitor the agreement being negotiated outside the framework of the European Union.

On the other hand Aonakr announced that the leaders of the eurozone will not discuss nowcall the International Monetary Fund to increase the size of the financial rescue fund for the euro area, and will not be discussed before next March. Aonakr said: We will assess the adequacy of overall lending ceiling for the financial rescue fund of 500 billion euros, or $ 651 billion in March.

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