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BRUSSELS, Belgium (AP) - EU leaders approved a watering down of the rules that underpin the stability of the euro on Tuesday, a step Germany and France — repeat offenders of the old rules — quickly hailed as necessary to spur growth in lean times.
French President Jacques Chirac said the amended "Stability and Growth Pact" contained "more intelligent" monetary rules that will be "more accepted and more respected."
The original rules, written in 1997, had become unsuitable for they prevented governments from triggering growth at a time when Europe's economy is in the doldrums with an annual growth rate of barely 2 percent, Chirac said.
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