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The Stability and Growth Pact – Status in 2004

In 2003 several EU member states exceeded the limit of 3 per cent of GDP for government budget deficits set out in the Treaty. The Stability and Growth Pact's excessive deficit procedure for Germany and France was suspended in 2003. This article summarises the course of events in this connection and reviews the most recent stability and convergence programmes. In addition, a number of proposals for amendment of the Pact are outlined.