The European Union authorities are encountering potentially severe problems in their relationship wi...
The European Union authorities are encountering potentially severe problems in their relationship with member states as they try to cope with the possibility of deflation, while questions are being asked about banking supervision on a regional and national level. One of the primary problems is the functioning of the Stability and Growth Pact in severe economic downturns. The primary purpose of the pact ' to prevent the governments of EU member states from overspending, thus destabilising the euro ' is laudable enough, but its inflexibility means governments are being told to spend less ...
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