European leaders were set last night to back a fiscal discipline treaty, handing Angela Merkel, German chancellor, a symbolic victory in her months’ long drive to enforce tough budget limits for the single currency.
Under the pact, eurozone countries would be legally bound to balance national budgets over time – a price that European leaders see themselves paying to ensure Berlin’s fiscal might continues to back the single currency.
But it also comes as leaders and institutions around the world, from the International Monetary Fund to Italy’s new prime minister, question the austerity-centred policy backed by Ms Merkel. Some likened the new pact to outlawing Keynesian-style fiscal stimulus.
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