What remains of the SGP?

On Friday August 26, Franz-Christoph Zeitler, a member of the executive board of Deutsche Bundesbank, delivered a speech at the Salzburg seminar, a high-profile meeting place of international leaders, at which raised the question "What remains of the Stability and Growth Pact?"

First, he argued that the changes to the pact agreed in March 2005 have weakened the fiscal rules significantly. Second, he laid out the reasons for a rule-based fiscal policy, such as the avoidance of a conflict between

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