War is no excuse for European profligacy

ARTICLE - Bundesbank vice-president, Jurgen Stark, says the "never ending" debate over the stability and growth pact has damaged its credibility but the rules of the Pact must not be relaxed. Such a relaxation, called for by the UK and Germany, would, Stark says, damage the credibility of the EU's commitment to low inflation and stable growth.

Written by Jurgen Stark, vice-president of the Bundesbank and published in the UK edition of the Financial Times, 20 February.

The never-ending debate about

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