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German Parliament approves fiscal pact

German Parliament approves fiscal pact

The German Parliament's lower house has voted to approve the new European budget-discipline pact, a cherished project of Chancellor Angela Merkel.
Lawmakers voted 491-111 on Friday to approve the so-called fiscal compact. There were six abstentions.
That was well above the two-thirds parliamentary majority the bill required because it involves an internationally binding commitment to keep Germany's budget deficit low. Two opposition parties had pledged their support.
Lawmakers also were voting Friday on the eurozone's permanent rescue fund, the (EURO)500 billion ($623 billion) European Stability Mechanism.
Parliament's upper house, which represents Germany's 16 states, is expected to approve both plans later in the evening.


Updated : 2021-04-12 22:15 GMT+08:00