BIS Review 10/2004  III The Ecofin council’s decision on 25 November 2003 not to act further on the basis of European Commission recommendations regarding France and Germany subjected the Stability and Growth Pact to a crisis and an acid test.
Prior to the decision, some said that if the procedure was not pursued properly in accordance with Article 104 (8) and (9) of the Treaty, the Pact was effectively “dead”. The press was rife with black humour - “obituaries” of the Pact were published. I do not share this view.