Zalm: get tough on national deficits
Zalm: get tough on national deficits12 November 2003Zalm: get tough on national deficits12 November 2003
AMSTERDAM — The eurozone's stability pact has to be toughened up and countries like France and Germany, who exceed the agreed budget deficit limit, should be punished, according to Dutch Finance Minister Gerrit Zalm.
Speaking in the Financial Times Deutschland newspaper said the Stability Pact would fail if the participating countries did not keep to the agreement.
"The answer could be that a new rule should be added to the fundamentals of the pact to punish offending governments," Zalm said.
The newspaper said Zalm is the first minister of finance to launch an offensive against errand countries.