EU bends budget rules for Germany, France

A proposal to suspend the sanctions mechanism of the stability and growth pact for France and Germany was agreed on Tuesday 25 November by eurozone finance ministers. A declaration by the Ecofin council, meeting in Brussels, agreed to put the sanctions mechanism "in abeyance for the time being" in the case of Germany and France. The governors of the European Central Bank called an emergency telephone conference to discuss the implications of the deal.

Source: Reuters

European Union finance mini

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