Germany Removed from Brussels Black List

The European Union executive Tuesday removed France and Germany from a list of countries in breach of euro zone Stability and Growth Pact limits but warned it would remain vigilant regarding their national finances in the future. EU Economic Affairs Commissioner Joaquin Almunia said that in light of efforts by the two countries to reduce their deficits and a court ruling upholding Brussels' right to police their finances, "it would appear that no further steps are required at this point.” Germany and France have broken the three-percent ceiling for three years running and are rumored to be at risk of breaking it again for a fourth. Last year the two countries avoided punitive sanctions when EU finance leaders let them off the hook with no more than a warning.