German Finance Minister Peer Steinbrueck on Monday said he had no problems with an expected eurozone warning on Berlin's budget deficit, saying the move would help boost the credibility of the currency bloc's fiscal rules, reported dpa. Steinbrueck, who is attending a meeting of eurozone finance chiefs in Brussels, said he was confident Germany would be in compliance with the eurozone stability pact's budget deficit ceiling of 3 per cent of gross domestic product (GDP) in 2007. Steps to ensure that the deficit fell to 2.5 per cent by the end of next year were already being taken or would be implemented shortly, he said. "We are very confident the budget deficit will fall next year," Steinbrueck insisted. The German finance minister repeated that Berlin did not want a confrontation with Brussels over the deficit, saying it was important to bolster the standing of the eurozone stability and growth pact. Eurozone finance chiefs are expected later Monday to endorse a European Commission recommendation that Berlin be given until next year to bring its budget deficit under 3 per cent of GDP. Steinbrueck will also be told he has four months to show just what policy measures he is implementing to achieve that target. --More 23 24 Local Time 20 24 GMT
