ECB calls for return to stricter growth and stability pact

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The European Central Bank (ECB) on Tuesday called on European Union (EU) legislators to consider reversing changes to the Stability and Growth Pact introduced in 2005, noting the amendments had provided member states with greater leeway on their obligations to the pact.

In a report outlining its opinions on economic governance reform, the ECB said proposals on reforms to the excessive deficit procedure outlined by EU finance ministers on October 21 carried a "fundamental flaw" in that surveillan

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