Papademos says 'no' to stability pact changes

Lucas Papademos, vice president of the ECB, has rejected calls for changes to the eurozone's stability and growth pact saying any improvements could be made within the current framework.

He was speaking in Dublin last night at the annual dinner of the Institute of Chartered Accountants.

Papademos also warned that excessive budget deficits in the eurozone were becoming a more widespread problem.

Following the decision by finance ministers late last year to put off action against France and German

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