Padoa-Schioppa- ECB "satisfied" by German promises

ITALY - European Central Bank executive board member Tommaso Padoa-Schioppa, in an interview published Friday, said the ECB was "satisfied" with the German government's promises to cut its budget deficit aggressively in an effort to bring it in line with the stability pact target of less than 3%.

The ECB considers the German government's promises a "positive result, compared to other possible scenarios," Il Sole 24 Ore quoted Padoa-Schioppa as saying.

The European Union Commission executive bod