France, Portugal and Germany are all flagrantly flaunting the Stability Pact, the agreement among Eurozone members to keep their deficits below a critical threshold (3% of GDP today, but lower, supposedly, in the future). France's Prime Minister, Pierre Raffarin, defends his government's position by saying that France was not prepared to impose austerity on its own people. If France will not, other European leaders must wonder, why should they?
France, Portugal and Germany are all flagrantly flaunting the Stability Pact, the agreement among Eurozone members to keep their deficits below a critical threshold (3% of GDP today, but lower, supposedly, in the future). France's Prime Minister, Pierre Raffarin, defends his government's position by saying that France was not prepared to impose austerity on its own people. If France will not, other European leaders must wonder, why should they?