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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NS&I launches new British Savings Bonds issues with higher interest ratesNS&I has launched new issues of British Savings Bonds with improved interest rates, making them much more attractive for customers who want absolute security on their cash savings
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Santander launches new freebie for certain savings customers - are you eligible?Santander is offering a free four-year railcard to some customers from today. We explain who will qualify for the incentive
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Long-term refinancing operations (LTRO)Glossary The Long-term refinancing operations (LTRO) of the European Central Bank (ECB) are designed to provide stability to Europe’s banking sector.
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Target 2Glossary Target is a payment system used by Europe’s central banks for urgent real-time electronic transfers.
