1. Faster growth will help Germany meet currency union fiscal criteria, Waigel said. 2. France, like Germany, is also hampered by demands to meet single currency criteria. 3. The Maastricht treaty requires EMU entrants to meet inflation, debt, deficit, long-term interest rate, and currency stability criteria. 4. Additionally, there is mounting opposition from labor unions and other groups to the austerity needed to meet the single currency criteria. 5. Also, there is mounting opposition from labor unions and other groups to the austerity needed to meet the single currency criteria. 6. But most agreed more government spending and shying away from the single currency criteria were not the answers. 7. Edgar Meister, a member of the Bundesbank directorate, pointed out that many EU countries are struggling to meet the currency criteria on debt and budget deficits. 8. EU nations are having far more problems meeting the single currency criteria for low budget deficits and public debt. 9. French government spokesman Francois Baroin insisted Paris would swallow the economic pill and cut its budget deficit in line with the single currency criteria. 10. However, the transfer would help the government reduce its overall debt in line with the currency union criteria. |
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