EU's pact is a false promise of stability-Stiglitz

In an article Joseph Stiglitz says the lesson for Europe is clear: the EU should redefine its stability pact in terms of the structural or full employment deficit to what the fiscal deficit would be if the economy were performing at full employment.

First published by Business Day (South Africa) by Joseph Stiglitz, 16 May 2003.

France, Portugal and Germany are all flagrantly flouting the stability pact, the agreement among Eurozone members to keep their deficits below a critical threshold (3% of

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