The ECOFIN Council will discuss on 25 and 26 November the draft budget for the year 2003. The second reading procedure takes place amid expectations that the dialogue will result in a compromise between the Council and the Parliament regarding next year's budget.
On 24 October, the draft cleared the European Parliament in first reading. After amendments, the draft proposes a 0.65 per cent increase in appropriations and a 3.03 per cent increase in payments appropriations over the figures presented in the 22 July 2002 draft budget of the Council.
The meeting takes place in the wake of the launch of a formal disciplinary action against Germany for breaking the EU's budget deficit limits. The Commission has also proposed a formal "early warning" to France because Paris risks breaking the EU's 3 per cent deficit rules next year (see
EurActiv 20 November 2002).