Germany: Merkel faces domestic political hurdles on fiscal pact

The European fiscal compact which calls for EU countries to stay within the Maastricht treaty government deficit hurdle of 3% of GDP has already been signed off on by all 27 EU governments except the United Kingdom and the Czech Republic. This agreement calls for countries that fail to meet their deficit targets to lose some national sovereignty on budgeting issues and accede to EU oversight.

However, to formally ratify the fiscal compact, Germany needs a two-thirds majority of the Bundestag...


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