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Europe

Monti Attacks Germany and France over Euro Rules

Europe's competition commissioner accuses the EU's two largest members of seeking to "kill" the pact that ensures the stability of Europe's common currency.

France and Germany have been strongly criticized for having "killed" the rules underpinning the euro by Mario Monti, an important member of the European Commission.The Italian Commissioner, in charge of competition matters, told the Financial Times Deutschland newspaper that "the parents of the Stability and Growth Pact have in the past forbidden everyone and every institution from expressing any doubts about the Stability Pact. Now, for purely practical purposes the parents have killed the pact." His comments follow a decision by European Union finance ministers last week to suspend the pact, which effectively meant that Paris and Berlin escaped sanctions for breaching the euro rules. The decision was widely condemned for sending the signal that larger member states can do what they want when it suits them. ( EUObserver.com)