Saturday, June 19, 2004

Stability and growth pact

This is a particularly contentious area, with the Netherlands and some other small countries wanting the Commission to take a tough line on defaulters – as against France and Germany (as well as Italy) seem intent on ignoring the pact.

The Dutch wanted the controls toughened, but the Irish presidency have "bottled out" and produced merely a rhetoric-filled "declaration" which concludes:

"The Member States look forward to possible proposals of the Commission as well as further contributions of Member States with regard to strengthening and clarifying the implementation of the Stability and Growth Pact. The Member States will take all necessary measures to raise the growth potential of their economies. Improved economic policy coordination could support this objective. This Declaration does not prejudge the future debate on the Stability and Growth Pact."

In other words, rien.

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