Euro pact hurts poor countries

To prevent further debt crises in euro countries, the heads of state and government of the Eurozone agreed last Thursday on a stability pact for the euro. But the daily Dnevnik finds the agreement discriminating: "The countries outside the Eurozone had no part in the negotiations. Nevertheless they were put under enormous political pressure to declare 'volontary' support for the pact. The pact clearly violates the principle of equality in the EU and serves to usher in a policy that will only harm the poor countries and hinder their economic growth. The pact for the euro aims to coordinate and harmonise taxes. But that has nothing to do with the stability of the euro, and is mainly pursued by France in the hope of prohibiting low tax rates. ... But if poor countries have the same high tax rates as the rich ones, they will never achieve growth and prosperity."

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