EU to warn six over budgets

EUROPEAN Union Monetary Affairs Commissioner Pedro Solbes yesterday confirmed news reports his office will warn six EU countries today for having budget deficits that are expected to be over 3% of gross domestic product in 2004.

However, the Commission won't launch any procedure against these countries that could result in a fine, added Mr Solbes.

Such a procedure was brought against France and Germany, resulting in a January lawsuit. He spoke to reporters before appearing before the EU parliament's Committee on Economic and Monetary Affairs.