Stability pact

Fury over Merkel/Sarkozy putsch

Published on 22 October 2010 at 09:56


“European disunion,” headlines La Tribune. The business daily reports that the 18 October agreement on the Stability Pact between the French president and the German chancellor has prompted a hostile response from the European Central Bank (ECB) and the European Parliament. ECB President Jean-Claude Trichet made known his profound disagreement with “Nicolas Sarkozy and Angela Merkel’s political hijacking of the future of Europe’s governance,” writes Les Echos. Both the European Commission and the ECB “were in favour of automatic and immediate sanctions which should not be subject to a six month probationary period or a qualified majority vote by the European Council as proposed by Paris and Berlin,” explains La Tribune. France and Germany have moved to “reassert the political control they would otherwise surrendered to economic experts and the European Commission,” points out Les Echos.

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