McCreevy backs eurozone savings plan

Finance Minister Charlie McCreevy said he would support countries having to set money aside during the good times as part of a revised Growth and Stability Pact governing euro countries.

Economic and Monetary Affairs Commissioner, Pedro Solbes, is due to suggest a series of changes to the pact next month including a mandatory saving of money by eurozone states.

Mr Creevy, who chairs the council of EU finance ministers, said he would welcome this proposal although countries would not be able to set savings against deficit budgets.