By Andrew Walker BBC Economics correspondent in Washington

The main reason why countries are in budgetary difficulties is because they have not used the situation of higher growth to substantially improve their fiscal position

Wim Duisenberg

Speaking after a meeting of finance ministers and Central Bank governors from the Group of Seven leading industrial countries (G7) in Washington, he described the increasing government deficit as very disappointing.

A number of the countries that have adopted the euro are struggling to meet the targets for government finances set out under an agreement called the Stability and Growth Pact.

The three largest euro area economies - Germany, France and Italy - are all finding it very hard to keep control of fiscal policy.

Mr Duisenberg, the president of the ECB, which sets interest rates for the euro countries, had very little sympathy for their difficulties, putting the blame on missed opportunities.

"The main reason why countries are at present in budgetary difficulties is because they have not used the situation of higher growth to substantially improve their fiscal position," he said.

He said the limits on government deficits in the Stability and Growth Pact should be respected.

Any breach of the limit should lead to the use of disciplinary procedure which can end with fines for the country concerned, he added.

Continuing growth

It was his first comment on recent developments in the public finances of the euro countries.

He was speaking after a meeting of finance ministers and central bankers from the G7.

The meeting concluded with a statement expressing cautious optimism about the economic outlook.

Officials said growth was continuing, though at a more moderate pace than before. They acknowledge that risks remain.

They did not spell these risks out, but they have in mind volatile financial markets and the recent increase in the price of oil.