Stability Pact crucial for EMU says Trichet

ECB President Jean-Claude Trichet said on Dutch television that the stability pact was crucial for the European Monetary Union and that the Netherlands had taken appropriate steps to avoid a budget deficit of above three per cent.

Trichet told Dutch television in an interview on Tuesday 20 april that the European growth potential was "a little bit lower" than that of the United States because of some structural impediments to the economy.

Dutch Finance Minister Gerrit Zalm, a fierce critic of the

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