EU countries against stricter Stability Pact

The EU Commission on Wednesday discussed proposals for meting out tougher and faster punishment to countries which fall below the budget deficit limit. But so far national interests have taken precedent, the left-liberal daily Süddeutsche Zeitung complains: "Above all else the sanctions should be virtually automatic. ... It is precisely this automatism that most governments object to. They fear that they will lose control of their own budgets if Brussels is allowed to intervene in budget planning without the nations having power of veto. The German government is therefore pretty much on its own here - despite the fact that the Commission supports many of its proposals for reform. Particularly painful is the fact that the other major European nation, France, is among the most vocal opponents of the new regulations. The government in Paris has already put on record that it won't leave the fate of the 'grande nation' in the hands of financial experts. So those who want new regulations will first have to resolve the political conflict."

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