At the same time, it is not in favour of making changes to the text of the Treaty or of the Regulations which form the basis of the Pact and we insist on the importance of preserving the full integrity of the nominal anchor of 3% in the corrective arm of the Pact.
When the bubble burst, it resulted in the financial collapse of major multinational financial institutions; then came the credit crunch and a crush in share prices; economic recession was upon us; and there was a sharp drop in international trade, that was followed by a deterioration of government finances and job losses.