In November 1995, convinced that the introduction of the single currency must be accompanied by efforts in the area of budgetary discipline, Theo Waigel, German Finance Minister, proposes the adoption of a Stability Pact between the Member States of the European Union participating in Economic and Monetary Union (EMU).

On 13 December 1996, Theo Waigel, German Finance Minister, gives his immediate reaction to the outcome of the Dublin European Council, in particular concerning the establishment of a Stability and Growth Pact with a view to the transition to the third stage of Economic and Monetary Union (EMU).

Theodor Waigel, German Christian Democrat Finance Minister from 1989 to 1998 who, in autumn 1995, proposed the adoption of a Stability and Growth Pact for the future euro-zone countries.

On 13 and 14 December 1996, the Dublin European Council adopts the report of the Ecofin Council, drawn up in close cooperation with the European Commission and the European Monetary Institute (EMI), on the technical and legal preparations required for the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999.

On 14 and 15 December 1996, the daily newspaper Luxemburger Wort leads on the role of mediator played by Jean-Claude Juncker, Luxembourg Prime Minister, with a view to finding a solution to the difficult negotiations conducted by the Fifteen on the Stability and Growth Pact at the Dublin European Council of 13 and 14 December.

On 14 December 1996, the French daily newspaper Le Figaro outlines the main provisions of the Stability and Growth Pact which were finalised with difficulty by the Fifteen at the Dublin European Council held on 13 and 14 December.

On 14 December 1996, the Madrid daily newspaper El País outlines the main provisions of the Stability and Growth Pact concluded, with difficulty, by the Fifteen at the Dublin European Council of 13 and 14 December.

On 15 December 1996, the French daily newspaper Le Monde outlines the outcome of the Dublin European Council held on 13 and 14 December, with particular regard to the establishment of a Stability and Growth Pact for the future countries of the euro zone.

On 16 December 1996, following the Dublin European Council of 13 and 14 December, the Austrian daily newspaper Die Presse analyses the scope of the agreement reached by the Fifteen on the Stability and Growth Pact.

On 17 December 1996, the Luxembourg daily newspaper Luxemburger Wort comments on the decisions taken at the Dublin European Council of 13 and 14 December, with particular regard to the Stability and Growth Pact for the future countries of the euro zone.

On 13 June 1997, Ferdinando Riccardi, Editor-in-Chief of Agence Europe in Brussels, looks ahead to the decisions due to be taken at the Amsterdam European Council on 16 and 17 June and welcomes the introduction of the Stability and Growth Pact, emphasising its importance in the light of the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999 and of the introduction of the single currency.

On 16 and 17 June 1997, the Amsterdam European Council adopts a resolution which sets out the firm commitments entered into by the Member States of the European Union, the Commission and the Council with regard to the implementation of the Stability and Growth Pact.

On 17 June 1997, Jacques Chirac, President of the French Republic, and his Prime Minister, Lionel Jospin, outline the main decisions taken by the Fifteen at the Amsterdam European Council, with particular regard to the establishment of the single currency and of the Stability and Growth Pact.

On 7 July 1997, in connection with the transition to the third stage of Economic and Monetary Union (EMU), the Council of the European Union adopts a Regulation on the Stability and Growth Pact which sets out, in particular, the rules covering the content, submission, examination and monitoring of stability and convergence programmes so as to prevent excessive general government deficits and to promote the surveillance and coordination of the economic policies of the Member States.

On 7 July 1997, in connection with the transition to the third stage of Economic and Monetary Union (EMU), the Council of the European Union adopts a Regulation relating to the Stability and Growth Pact which aims in particular to speed up and clarify the implementation of the excessive deficit procedure for public administration in the Member States.

In April 2002, in an article for the monthly legal journal Revue du Marché Commun et de l’Union Européenne, Philippe Marchat, French Inspector of Finances and former Head of the French Interministerial Mission ‘Euro’, comments on the entry into circulation, on 1 January 2002, of the euro in 12 of the 15 Member States of the European Union and outlines the economic difficulties encountered by some countries, in particular Germany and Portugal, in complying with the provisions of the Stability and Growth Pact.

On 24 November 2003, the Belgian daily newspaper La Libre Belgique gives an account of the difficulties encountered by some States in the euro zone, in particular Germany and France, in complying with the budgetary stability criteria laid down in the Stability and Growth Pact and in applying the recommendations made in this area by the European Commission.

On 28 November 2003, the French weekly news magazine Le Point harshly criticises the attitude of Germany and France who, three days earlier in Brussels, secured agreement from their European partners for the renegotiation of the strict rules laid down in the Stability and Growth Pact. The article also deplores the political difficulties encountered by the Intergovernmental Conference (IGC) in finalising the draft European Constitution and calls on France and Germany to resume their role as the driving force behind the European integration process.

‘It was self-defence, honest!’ On 15 January 2004, the German cartoonist, Horst Haitzinger, takes an ironic look at the uncomfortable position of Hans Eichel, German Finance Minister, who is attempting to justify the position of the Federal Republic of Germany (FRG) before the Court of Justice of the European Communities regarding its failure to comply with the Stability and Growth Pact.

On 24 March 2005, the French weekly news magazine Le Point criticises the decision taken three days earlier in Brussels by the Finance Ministers of the Twenty-Five to relax, once again, the rules of the Stability and Growth Pact in order to allow, in the event of derogations from the budgetary criteria of the Pact, the invocation of attenuating circumstances such as spending related, in particular, to research and development, to reforms of funds (such as pension or social security funds), to development aid or to military costs.