ECB's Papademos on the reformed stability pact

In the speech 'The political economy of the reformed Stability and Growth Pact: implications for fiscal and monetary policy' given on 3 June, Lucas Papademos of the ECB said the relaxation of the EU stability pact's rules could affect ECB interest rate decisions if it does not lead to a reduction in deficits.

"It goes without saying that fiscal policies can have significant implications for monetary policy," Papademos said in the speech.

"Unsound fiscal policy, which results in excessive and

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