The credit ratings on the European Community (EC) reflect strong member state support, including that of several of the world's most advanced economies. The commitment of EC member states to closer European integration continues to be strong, as reflected both by the formation of European Economic Monetary Union (EMU) and by the ongoing enlargement of the Community. EC budget policies are prudent. By law, estimated budget revenues must equal estimated expenditures. Budget resources are derived almost entirely from revenues paid by member states independent of national parliaments. These revenues include tariffs on agricultural imports from nonmember countries, duties on goods from outside the EC, and levies on each member state's value-added tax (VAT) receipts and gross national income. In addition,...
Companies mentioned in this report are: European Union
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