PRESS RELEASE

Statement by the European Central Bank

13 July 2004

The European Central Bank (ECB) takes note of today’s judgement by the Court of Justice on the Council’s actions of 25 November 2003.

It notes with satisfaction that the judgement confirms that the rules and procedures foreseen in the Treaty and in the Stability and Growth Pact need to be fully applied.

As for the implications of the ruling, the ECB expects that the institutions concerned will undertake the necessary steps in order to ensure the full implementation of these rules and procedures.

The ECB remains convinced that there is no need for changes to the Treaty and the Stability and Growth Pact and that the implementation of the Stability and Growth Pact could be further improved.

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