Don't use stability pact as scapegoat, says Issing

GERMANY - The chief economist of the European Central Bank launched a staunch defence of the euro area fiscal stability and growth pact on Monday, accusing politicians of using it as a "scapegoat" for their own failures.

The pact, which requires euro zone governments to bring budgets into balance by placing limits on deficits, has come under scrutiny in recent weeks after European Commission President Romano Prodi called it "stupid" and inflexible, Reuters reported.

ECB chief economist Otmar Is

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