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Duisenberg urges adherence to Pact.
(From Irish Independent)
OUTGOING European Central Bank President Wim Duisenberg warned yesterday that any collapse of the budget rules underpinning monetary union would be a disaster.
"The danger is certainly there, and that would be a disaster for Europe. And I do hope,and I am sure the ECB will do everything it can to uphold, to keep upright, the Stability and Growth Pact, which now is certainly under strain," Duisenberg told German publictelevision.
Duisenberg, who stepped down at midnight last night, gave a similarly sharp warning to European Union finance ministers at a farewell dinner on Wednesday to stick to EU budget rules that require them to get their budget deficits below 3pc of gross domestic product or face fines.
He said that the biggest challenge facing the ECB and his successor, Jean-Claude Trichet of France, is how to ...
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