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Article: ECOFIN COUNCIL: MEMBER STATES ABANDON STABILITY PACT'S LEGALLY-BINDING NATURE.
- Article from:
- European Report
- Article date:
- November 29, 2003
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Diplomatic sources within the Council and the Commission acknowledge that the conclusions adopted by the Council are not legally binding. In adopting its conclusions, the EcoFin Council has declined to apply the Stability Pact. It is Germany, the country that imposed the regulation on its Euro-zone partners that has refused to see the Commission's recommendations applied to it. Berlin argues that a country that co-operates with the Commission to cut its public deficit cannot be subject to the sanctions outlined in the Stability Pact. The European Commission insists the only legally valid decisions are the Recommendations adopted by the EcoFin Council in January against ...