Trichet says stability pact is "appropriate"
European Central Bank (ECB) president Jean Claude Trichet said that the EU’s growth and stability pact in its current form remains "appropriate."
Speaking at the International Enterprise Conference here today, he said: "The governing council does not see a need for changes in the treaty."
However, he added that the ECB respects the EU Commission’s decision to seek legal clarity on the issue and that the ECB agrees with the EU Commission that the implementation of the pact "could be further improved".
The future of the controversial Stability Pact is in question after the European Commission decided to launch legal action over a decision by EU finance ministers to suspend disciplinary measures against France and Germany when their budget deficits flouted the ceiling imposed by the pact.
