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Buba ain't happy

Posted by Richard Monday, March 21, 2005

The once mighty Bundesbank, responding to the changes to the growth and stability pact agreed last night is complaining that the so-called reforms will "decisively weaken" the pact.

The Bundesbank said it is "seriously concerned" about the proposed changes, especially as they will "water down" the 3 percent GDP deficit limit. It also said the changes to the pact could impair the framework of ECB monetary policy.

There was a time, of course, where not even a German chancellor could do anything without the permission of the Bundesbank. How the mighty have fallen.