The growth pact is “not enough” and European leaders also need to agree to measures to reduce borrowing costs in countries like Spain and Italy, said French President Francois Hollande.
“We now need to have a stability policy in order to support the countries that took some efforts, but whose efforts didn’t translate” into lower interest rates, Hollande said at a press conference during a summit in Brussels. He said Italy and Spain are withholding their agreement to the growth pact because “they also needed stability measures to be agreed upon,” he said. “But there was no blackmail.”
Hollande also withheld giving his full endorsement of the growth pact.