Stability and Growth Pact
- Stability and Growth Pact
A European Union budget pact designed to underpin monetary union and the euro. It aims to prevent any one Eurozone member from racking up large government budget deficits that would raise the cost of borrowing for the whole club. The pact requires countries to keep their budget deficit below 3 percent of their gross domestic product and to wipe out their budget deficts altogether in the medium term. Extensions can be granted when growth is significantly weaker than expected, but fines are imposed for breaking the rules.
Financial and business terms.
2012.
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