German Finance Minister Steinbruek says the euro would be under threat if the EU’s Stability and Growth Pact is not taken seriously.
In a speech to parliament the official stated “Germany as a member of the EU has a massive interest in the credibility of the Stability and Growth Pact, which as you know is not taken so seriously by some” adding “If it is not taken seriously , I am telling you, the euro will have trouble one day in terms of its own credibility and stability.”
The Stability and Growth Pact is an agreement by EU member states related to their conduct of fiscal policy (i.e. to avoid excessive deficits), to facilitate and maintain Economic and Monetary Union of the European Union.
