Top Banker Warns Germany over Pact

German central bank chief Ernst Welteke expressed concern Sunday about the stability of the European single currency, which he said could be undermined if the growth and stability pact is weakened. Weakening the pact "risks damaging the credibility of the institutional framework of European monetary union and also confidence in the euro," Welteke told the Welt am Sonntag newspaper. Welteke, who as Bundesbank chief sits on the decision-making governing council of the European Central Bank, also advised the German government to take tough budgetary measures in a bid to keep the country within the rules of the pact in future.