A fundamental review of the Stability and Growth Pact -- the rules governing the euro -- would not add to its credibility, Commission President Jose Barroso said on Wednesday

A fundamental review of the Stability and Growth Pact -- the rules governing the euro -- would not add to its credibility, Commission President Jose Barroso said on Wednesday. Addressing journalists after the new commission's first meeting, Barroso said he does not "think that it would contribute to improving the credibility of the pact to bring about a fundamental review of the pact." Barroso was reacting to reports that Italian Prime Minister Silvio Berlusconi had sent a letter to Dutch prime minister and current head of the EU Council Jan-Peter Balkenende requesting a discussion at EU leader level on reforming the euro rules. The European Commission made proposals on reforming the pact in September which are expected to be discussed by finance ministers at a meeting in January. Some member states, especially Germany, are pushing for some types of expenditure to be excluded from the deficit calculation. The Stability Pact forbids member states from running a budget deficit above 3 percent of gross domestic product (GDP).