France and Italy lead charge for EU pact change

French Finance Minister Francis Mer said Wednesday the EU should consider revising the stability and growth pact in 2005. While Italian Treasury undersecretary Gianluigi Magri commented "Pact 1 is finished with. We need to change the parameters in a Pact 2 because the first was found to be too constrictive."

Source: Reuters

France and Italy urged an overhaul of Europe's Stability and Growth Pact on Wednesday, only a day after EU finance ministers defied the European Commission and ran roughshod