Lisbon target will be missed, says German finance minister

Hans Eichel has become the first senior
government minister to say the EU will fail to achieve its
objective of becoming the most competitive economy by 2010.

“We will not manage to make Europe the world’s most competitive
area by 2010 but the objective is right and all countries in the EU
must contribute to it and so must we,” Germany’s Finance Minister
Hans Eichel said on 7 September, after evaluating second quarter
growth rates. 

Eichel’s comment follows a similar observation made by
Commission President in waiting, José Manuel Barroso, who has
questioned the feasability of attaining the Lisbon objectives. “I
think we should do as much as possible to come near that goal. It
was a very ambitious goal and many consider it too ambitious,” he
was quoted as saying by the Financial Times. 

In view of the sluggish growth figures, Eichel also expressed
doubts about Germany’s willingness to increase its contribution to
the EU budget. 

EU finance ministers will hold an informal gathering on 10
September to discuss the financial perspectives, progress made on
the Lisbon agenda and the Stability and Growth Pact. 

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