The collapse of the stability and growth pact has left European fiscal policy in disarray.

随着《欧洲稳定与增长公约》的崩溃，欧元区财政政策陷入了一片混乱。

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Now teetering on the edge of bankruptcy, Greece was first sanctioned for violating the European growth and stability pact in 2005.

FORBES: Are European Fiscal Rules a Greek Farce?

Balanced-budget rules not linked to expenditure limits, such as America's Gramm-Rudman-Hollings act of 1985 and the European Union's Stability and Growth Pact, have been less successful.

ECONOMIST: The OECD and fiscal policy: Words of warning | The

As early as 2001 it became the first country to breach the 3%-of-GDP borrowing limit set by the European stability and growth pact.

ECONOMIST: Chronically weak growth is Portugal��s gravest problem