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stability pact

   Also found in: Acronyms, Wikipedia 0.01 sec.
stability pact, stability and growth pact
n
(Government, Politics & Diplomacy) an agreement between the member states of the EU which have joined the single currency, the aim of which is to secure the currency's stability by imposing fines on member states whose budget deficits exceed 3 per cent of their gross domestic product


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The 19th regional meeting of the Disaster Preparedness and Prevention Initiative (DPPI) of the Stability Pact for South Eastern Europe is hosted by Turkey's Disaster and Emergency Management Directorate.
He noted that in January 2010 the Ministry of Finance will be submitting Cyprus' convergence programme and that the European Commission and ECOFIN will decide on the expected deficit and the convergence of the Stability Pact for each country, taking into account the deficit, predictions on its duration, the contributing factors and the divergence.
The EU's Growth and Stability Pact states that a member's annual budget deficit cannot exceed three percent of GDP and that its total debt cannot be more than 60 percent of GDP.
 
 
 
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