Reforming the EU's stability pact?
Many people now agree that the EU's budgetary rules are dangerously inflexible. But just try changing them
IN RETROSPECT, it is clear that Romano Prodi was having doubts months ago. At a joint press conference last December, Guy Verhofstadt, the Belgian prime minister, declared that the European Union's “stability and growth pact” is “our bible”. Sitting beside him, the president of the European Commission shifted uncomfortably. “Well, almost our bible,” muttered Mr Prodi. Last week Mr Prodi came right out and said it: the pact is “stupid”. The shock caused by this statement was understandable. For if the so-called stability and growth pact is indeed held to be the bible of the European Union, Mr Prodi as head of the commission, whose duty it is to enforce European law, is meant to be worshipper-in-chief. It was almost as if the pope had stood up and said that, on mature consideration, he had decided that the ten commandments were a load of nonsense. The repercussions, understandably, are still rolling on.
This article appeared in the Europe section of the print edition under the headline “Reforming the EU's stability pact?”
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