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To: Haim R. Branisteanu who wrote (21536)	1/17/2005 1:12:59 PM
From: mishedlo	Respond to of 116555

Buba says EU stability pact is not a 'straitjacket', rejects reforms FRANKFURT (AFX) - Germany's Bundesbank said the EU stability and growth pact is not a "straitjacket", and the reforms proposed by the EU Commission would not strengthen but rather weaken the pact. "A reform or new interpretation of the well-based stability and growth pact, which goes along with softening the commitment to solidarity in financial policy, shall be rejected," it said. Slackening the budgetary rules could cause a paradigm shift in EU member states' budgetary policies and make more probable conflict between fiscal and monetary policy, it said Reforms may reduce the appeal of a solid budgetary policy to euro zone countries and send wrong signals to those countries that have not yet joined the euro zone. But the Bundesbank also said there is currently a problem with implementing the pact. [We won't weaken it, we will just ignore it. Is that what they are saying? Mish] Mish