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Finland rejects French, German proposal on new stability pact

(Xinhua)

15:46, November 29, 2011

HELSINKI, Nov. 28 (Xinhua) -- The Finnish Prime Minister Jyrki Katainen said on Monday that Finland rejected the proposal of developing a new stability pact initiated by France and Germany, according to local media report.

The proposal would not gain broad support from the eurozone member states with the clear defect of excluding the European Commission in the decision-making process, said Katainen.

Earlier report had that France and Germany have been planning a new pact on budget discipline that would not need the approval of all 27 EU members.

For Finland, the prime minister stressed, the critical concern is to strengthen the financial discipline of the eurozone member states with automatic punishment of the delinquent ones.

However, France and Germany suggested that the punishment would be decided by the governments of the euro zone member states.

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