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With an energy crisis and record high inflation in the EU's rearview mirror, Brussels believes the time has come for the bloc to focus on ensuring sound public finances.The indebted countries -- for example, Italy whose debt is 140 percent of GDP -- believed the pact was a straitjacket that penalised public investment.
The agreement must now be approved by Congress and risks upsetting both major political parties in the US.
ASIA: Business sentiment among Japanese manufacturers worsened for a third straight quarter from July to September, according to a survey by the central bank, as the world's third-largest economy struggled with rising costs, a slumping yen and pandemic restrictions. The business outlook for major manufacturers fell to plus-8 in September from plus-9 in June,
ASIA: India's gold imports in June nearly trebled from year-ago levels on correction in prices and as jewelers replenished inventories after robust sales during a key festival, Reuters reported. Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, but the surge may increase India's trade deficit and put pressure on ailing
The announcement from Brussels come in the midst of record-breaking inflation and economic stagnation.