ECB 'seriously concerned' over stability pact

The European Central Bank expressed serious concern on Monday about proposed reforms to the European Union Stability and Growth Pact that were announced over the weekend.

Late Sunday night, EU finance ministers cleared the way for creating flexible new fiscal rules that would allow Germany, the eurozone's largest economy, to cite the costs of its reunification as an excuse for breaking the EU's stability pact.

"The Governing Council of the ECB is seriously concerned about the proposed changes

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