A pact for stability and growth
Written by Katinka Barysch, 03 October 2003
The stability and growth pact – the EU’s fiscal rule book – is in tatters. The eurozone’s largest countries, Germany and France, are in breach of the pact, having exceeded the 3 per cent of GDP limit for budget deficits in 2002 and 2003. Theyare likely to do so again in 2004, possibly alongside Portugal and Italy.
