As he made his farewell speech in the European parliament yesterday afternoon (10 September), the European Central Bank President Wim Duisenberg criticised countries like France and Germany for being unable to keep their deficit lower than the 3% of GDP (Gross Domestic Product) set out in the Stability and Growth Pact.\n \nHe said the reason that these countries are facing a high deficit now is because they did not bring their economies to sustainable levels during times of strong economic gr...
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