The EU's stability and growth accord may well be scrapped now Germany and France have been allowed to flout its rules
What would the European Commission do to any future Eastern European member that adopts the euro and violates its budget deficit rule? Would the commission be willing to grant Poland, for example, an indulgence the way it has done for France and Germany? The dozen countries that share the euro are bound by a stability and growth accord that requires each member to limit annual budget deficits to less than 3% of gross domestic product. The irony is that Germany, which came up with the idea for the agreement, is one of the countries in violation. Germany and France ran budget deficits in ...
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