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Schröder's shrinking speech

By Manneken Pis   December 2003

Schröder’s shrinking speech Germany is clearly preparing to join France in a final trashing of the stability and growth pact, which is meant to prevent any eurozone country from running a budget deficit of more than 3 per cent of GDP – on pain of large fines. Since both countries are incapable of sticking to these rules – and are damned if they are going to write a cheque for billions of euros to the European commission – the only solution is to break the pact, regardless of what the commission or the European Central Bank or small countries think.…

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