The chorus of voices raised against the stability pact is becoming increasingly fed, and now seems intent, among other a splint, to sing a requiem. Romano Prodi, whose job was to defend the other hand, dealt 'a blow to the pact, calling it "stupid". Next to the de profundis many brave and authoritative solos, only to mention the most recent of the Trade Commissioner Pascal Lamy, another defender in default, that of the EIB president Philippe Maystadt that as well, by the Belgian Minister in 1997 he was among the signatories; that of French President Jacques Chirac, who unified networks, on the occasion of 14 July, accused the court is made.
In recent months, Commissioner Pedro Solbes appeared to be backed by the ECB, the last bastion of the pact. But recent statements by the Commissioner Economic Affairs, would indicate, according to many, his "surrender": even if France and Germany do not - as it seems - to respect their commitments and return in 2004 to a deficit / GDP ratio below 3%, there would be a automatic application of sanctions, primarily because these are not decided by the Commission but may be taken by the Council by a majority of two thirds (other countries). However Solbes did not just remember the rules, but has called for an application with maximum flexibility, "which has translated his spokesman Thomas explained that in theory the penalty could be applied from next year but that the Council to decide "should not just figures but also actions." The ultras of financial discipline Solbes turned into lamb? A surrender dictated by the impossibility to keep open that front while the storm rages on the accounts of Eurostat? Maybe. However
the face "severe" by Solbes in recent years has often served to mask anything but hard-liners in the choices of the pact. It is true that since January 2002 the Commission had tried to launch an early warning about the Germans and Portuguese accounts, an initiative Stoppata few days later by the Council. But then it is also true that, despite this, Germany was left undisturbed and the excessive deficit procedure has been launched by the Commission until November 19, 2002 (while for Portugal it was already September 1st). Just will not interfere with the election? According to the pact, the Council must be noted that the excessive deficit within three months after the procedure, and this delay has allowed the Council to formalize the German deficit in January 2003. "The excessive deficit should be corrected within the year following that identification," reads the resolution of Amsterdam, then, with a little 'melina, "Germany has gained an extra year. France and the Commission has spared any possibility of early warning, delaying the process, despite the bad signals directly to 2003. Add to this the "reinterpretation" of the Pact, launched in 2002 by the English Commissioner, and aims to give greater weight in the evaluation of the accounts to the business cycle emerges Solbes - maybe just for the sake of the covenant - the master of flexibility.
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