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A large majority of EU countries and political groups agree the Stability & Growth Pact (SGP) badly needed revamping but the European Commission's latest tweak to the rules met with mixed reception.
The EU will unveil an overhaul of its fiscal rules on Wednesday, a long-awaited reform that has bitterly divided member states over how to encourage investment while strengthening scrutiny of government spending.
Brussels keen on focusing on government spending, rather than debt and deficit