EU lawmakers agree on Stability and Growth Pact overhaul

The European Council and the European Parliament on Tuesday agreed a package of economic governance proposals in the euro area that fall short of the "quantum leap" called for by the European Central Bank (ECB).

The Council said it had reached a compromise with the European Parliament on a package of six legislative proposals on economic governance to strengthen the corrective and preventative arm of the Stability and Growth Pact.

To ensure fiscal discipline among member states, the Stability