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[mises] Some Pact!
by bmitchell at 8:39 am EST, Jan 19, 2005

EU's fiscal stability pact is coming unravelled. Considering the depths of financial chicanery practised by the Commission and EU member states, the pact is worthless. Burdened by the welfare state, colossal debt and wedded to creative accounting, EU countries are unlikely to aggressively police each other for fear of recompense. Let this be a lesson: states do not discipline themselves.

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