Stability Pact: Quotes of the Day

Theo Waigel

Theo Waigel, former German finance minister who devised the pact, said: "I wasn't disappointed, I was outraged, that Germany, which was responsible with other countries for getting the pact through, should disregard it in this way. Other countries in Europe managed it. Only Germany and France ducked taking the necessary structural reform and consolidation measures because they thought 'we're big enough and no one can touch us'."

Francis Mer

Francis Mer, French finance minister, admitted the events of the past few days showed the fiscal rules of the stability pact were not working and should be re-examined in 2005 after the furore had subsided.