The Stability and Growth Pact first agreed in 1997 would be reinforced with German-style constitutional debt brake rules. But the French got Germany to agree that when it came to disciplinary measures there must be an element of political discretion. Sanctions would be triggered only by a qualified majority vote in cases where governments ran deficits greater than 3 percent of GDP or debts in excess of 60 percent of GDP. Sanctions would be tough—up to and including deprivation of voting rights.
