August 25, 2003


France is about to break another of the cardinal rules of the euro stability pact – allowing its accumulated national debt to exceed the limit of 60 per cent of GNP imposed on euroland members.

Since France and Germany are already breaching the ceiling on annual deficits (3 per cent of GNP), the euro stability pact risks looking like a fiscal dead letter by the end of this year.

Shocking disrespect for international agreements.

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