Liebscher slams Stability Pact spoilers

European Central Bank governing council member Klaus Liebscher said Wednesday that euro zone states must respect the terms of the Stability and Growth Pact.

Liebscher said countries whose budget deficits had exceeded the 3 percent ceiling set down in the pact must restore fiscal discipline to maintain confidence in the euro zone.

Germany insisted on the terms of the Stability and Growth Pact before agreeing to dump the Deutschmark in favour of the euro. German officials said they were concerned

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