ECB's Papademos on Stability and Growth Pact

In a speech on 'Some reflections on the Stability and Growth Pact' given on 5 Apri,l Lucas Papademos of the ECB said recent experience has taught us that there is room for improvement in the implementation of the rules. So it would help to strengthen incentives for fiscal consolidation in good times.

"We know, for example, that the current problems are partly due to the fact that governments failed to strengthen their public finances during periods of robust growth. We also know that fiscal

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