Buba’s Weber says EU agreement on fiscal sanctions lacks ambition


Efforts by European Union (EU) finance ministers to reform the Stability and Growth Pact lack ambition and leave too much room for discretion, Axel Weber, the president of the Bundesbank, said on Monday.

In Tallinn, Estonia, Weber said there was an urgent need to strengthen the Stability and Growth Pact following the financial crisis. He said although the reforms agreed so far entail a number of improvements, they "lack the ambition" to fully redress past failings and leave "too much room for di

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