Europe's instability pact

ARTICLE - Thursday's Financial Times in London published an article by Paul De Grauwe who recently stood unsuccessfully as a candidate for the post of Vice President of the European Central Bank.

The writer is professor of economics at the University of Leuven and a member of the Belgian Senate.

Political tension has flared up again about the implementation of the European growth and stability pact, this time involving Italy, France and Portugal. Just a few months ago it was the turn of Germany

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