The vice-president of the European Central Bank has rejected calls for changes to the EU's Stability and Growth Pact.
Speaking at the Institute of Chartered Accountants' annual dinner in Dublin tonight, Lucas Papademos said any improvements to the system could be made within the current framework.
Mr Papademos also referred to the ECB's concern over the decision by EU finance ministers last year to put on hold action against France and Germany over their excessive budget deficits.
He said that concern had increased in the light of recent figures showing that the public finances in a number of EU member states had deteriorated.
Mr Papademos said France and Germany should now keep their word and bring their deficits into line. If not, he said, finance ministers should go ahead with the next steps.
