Stability and growth pact

The stability and growth pact, or SGP, played a key role in the establishment of the euro. The initial worry – especially from Germany and France – was that some eurozone countries might get around the European Central Bank’s monetary policy by increasing public spending and running large deficits. Hence the SGP, which limits each country’s budget deficits to no more than 3% of their total economy.

Ironically, France and Germany have broken those rules in the past, cutting taxes to stave off recession, which infuriated smaller countries that kept their budgets in line.

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'Would you rather upset God, or have Him just ignore you?'

In the first of three interviews with Merryn Somerset Webb, Hugh Hendry, manager of the Eclectica Fund, talks about what it takes to be a good hedge fund manager – and how he learned to stop worrying and love central banks.


Which investment platform?

When it comes to buying shares and funds, there are several investment platforms and brokers to choose from. They all offer various fee structures to suit individual investing habits.
Find out which one is best for you.


21 November 1969: The first permanent Arpanet link

A milestone in the formation of the internet, the first permanent Arpanet link was established on this day in 1969 between researchers in the United States.