Bini Smaghi attacks watered-down EU fiscal sanctions

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Lorenzo Bini Smaghi, a member of the executive board at the European Central Bank (ECB), on Monday voiced concerns over the refusal of European Union (EU) member countries to adopt strict rules to enforce sanctions on eurozone members in breach of the Stability and Growth Pact.

At a meeting in Abu Dhabi, Bini Smaghi said the decision by heads of state and governments of the EU earlier this month to retain a degree of discretion over budgetary matters and the imposition of sanctions on countries

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