A leading conservative German newspaper mourned the "death" of the European Union's stability pact today with a mock "obituary" of the measures to ensure orderly state finances and the euro's credibility.
The half-page rest-in-peace style "death announcement" appeared in the conservative daily
Die Welt
.
"Born in Dublin on 16 December 1996, Died in Brussels on 12 February 2002," the obituary read, "he [the pact] was a brilliant role model in his short lifetime.
"We are at a loss for words at his tragic death."
The illustration above an article "Europe mourns" added that "instead of flowers, mourners are requested to make donations to German finance minister Hans Eichel".
Germany narrowly escaped a public rebuke on Tuesday after European Union finance ministers scrapped plans to warn Berlin over its surging deficits, which have risen close to the threshold of three per cent of gross domestic product.
Germany's deficit soared to 2.6 perc ent of GDP in 2001 as a global economic downturn hit hard and it is predicted to widen to 2.7 per cent this year.
The 1997 Stability and Growth Pact with a three percent ceiling was drawn up at German insistence to prevent profligate spending by euro zone member countries.