Economic vandalism of the 'big four' makes new fiscal framework essential

BY REFUSING to enforce fines against France and Germany for persistent breaches of its fiscal rules, the large countries of the EU not only killed off the Stability and Growth Pact, but also mortally wounded the four convergence criteria agreed at Maastricht in 1991. However, these will be used to judge the eligibility of the acceding member states to join the eurozone.