ECB chief economist says Pact losing its bite

The European Central Bank's chief economist has described the current status of the eurozone's Stability and Growth Pact as 'intolerable'. Otmar Issing told the German newspaper Die Welt that without a credible threat of sanctions, the pact was 'losing its bite'.

"Without the existence of a credible threat of sanctions, the pact is losing its bite," Issing told the German daily Die Welt. "And as a result the current situation is intolerable."

Issing voiced concern in the same interview about th

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