stability pact

British  

noun

1. an agreement between the member states of the EU which have joined the single currency, the aim of which is to secure the currency's stability by imposing fines on member states whose budget deficits exceed 3 per cent of their gross domestic product

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Example Sentences

EU Economic Commissioner Paolo Gentiloni said on Saturday he aimed to present a reform of the eurozone Stability Pact after the summer, adding that the new rules would likely include country-specific debt targets.

From Reuters

“We are discussing how to reform the stability pact ... I think I can present a proposal after the summer,” Gentiloni said, speaking at an economic event in the Italian town of Trento.

From Reuters

Donohoe, who chairs the Eurogroup of euro zone finance ministers, said he expected a challenging debate on the Growth and Stability pact but expected a lot of progress under France's presidency of the EU during the first six months of 2022.

From Reuters

Waigel: "All members have profited from monetary union, including the weaker countries ... The Stability Pact was the answer to the fact that sustainability is not only necessary in climate and environmental policy, but also in fiscal policy. It is not a question of a country fulfilling the criteria for a year or two. It must be permanently the case to avoid friction."

From Reuters

The Green Party is in favour of remaining in the European Union, but a running budget deficit of 6% would exceed the limit set out in the EU's growth and stability pact.

From BBC