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Schroeder calls for Euro pact exemptions

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Schroeder calls for Euro pact exemptions


Gerhard Schroeder has fired an opening salvo in the debate over reform of the Eurozone’s Growth and Stability Pact, calling for rules to be relaxed and exemptions to be made.

The German leader argues that governments like his that are pushing structural reforms in the fields of tax and labour should be cut some slack by Brussels. Germany, France and Italy all support changes which will exempt them from fines after breaking through the current pact’s ceiling with budget deficits exceeding three percent of gross domestic product. But EU finance ministers, meeting today and tomorrow, and smaller states like the Netherlands, all want limited changes rather than sweeping overhauls.
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