Ministers bespreken mogelijkheden om nationale budgetten onder EU-toezicht te stellen (en)

The European Ministers of Economy and Finance were in favour of the European Commission's proposal to supervise national budgets, although this would not involve the right to veto them.

After chairing the meeting, the Spanish Minister of Economy, Elena Salgado, assured that any eventual revision of each country's budget by Brussels would not imply substituting national governments nor parliaments.

"That's out of the question; there is no possible voting (of budgets) in organisms other than national parliaments", stressed Salgado, on the proposal of supervision defended by the Commissioner for Economic and Financial Affairs, Olli Rehn i.

Rehn himself explained that the idea is to create a "European semester for designing economic policy", between January and July, so that in spring Brussels can know the main budgetary lines of each country for the coming year.

It is about making a "systematic and rigourous" evaluation of national accounts and the economic policy reflected in those accounts.

Both Ecofin and the Eurogroup, as well as the president of the of the ECB, Jean Claude Trichet i, supported the EC initiatives to reinforce economic governance.

Rehn assured that he will take into account the opinions expressed in the Madrid meetings to finalise the proposals that he will present on 12 May.

The ministers also analysed the state recovery programmes (except Greece, under increased surveillance, and Cyprus, who presented their proposal late).

After the Eurogroup meeting, between the 16 Euro countries and Ecofin with the rest of the EU ministers, began the 9th ASEM (Asia-Europe Meeting) Finance Ministers' Meeting, which will continue until Sunday.