European Central Bank council member Mr Ernst Welteke called today on European Union politicians to respect the budgetary rules underpinning the euro, branded "stupid" by the head of the bloc's executive.
"Calling the (rules) into question is very dangerous because it could undermine confidence in the euro," Mr Welteke, who is also head of Germany's Bundesbank, wrote in an article for Bild am Sonntag newspaper released in advance.
But the debate over the so-called Stability and Growth Pact refused to die down, as German Foreign Minister Mr Joschka Fischer sided with European Commission President Romano Prodi in arguing the pact lacked flexibility.
Mr Prodi told reporters in Paris yesterday he stood by every word of an interview in the French daily Le Monde, in which he said the Pact, which his office is meant to enforce, was imperfect and "stupid, like all rigid decisions."
He received backing from Mr Fischer in an interview with Der Spiegel magazine, released today in advance of publication.
"The pact lacks inner flexibility because it was drawn up at a time when even serious economists were proclaiming the end of the business cycle," Mr Fischer was quoted as saying.
Asked if he meant the pact was therefore history, he said: "No, but given the global slowdown, we must answer the question how we can prevent deflation."