The idea of amending the deficit calculation in the framework of the Stability and Growth Pact based on the argument that state pension deficits should not be counted as part of government budget deficits does not appeal to Angela Merkel. The German chancellor in fact declared that she was «highly reluctant» to accept this proposal put forward at the beginning of August by nine EU member states.

«I think that this is a very difficult discussion which would, in the end, tend to weaken the Stability and Growth Pact. It would be the opposite of what we need right now,» she said, on 25 August, during a press conference in Berlin, alongside Slovak Prime Minister Iveta Radicova. The latter, whose country is taking part in this initiative, believes that it is first necessary to «strengthen controls before we change the calculation of deficits in each EU country».

Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Sweden consider that countries that have reformed their retirement systems are penalised by current rules regarding deficit calculation. In a letter to European Council President Herman Van Rompuy and Economic Affairs Commissioner Olli Rehn, dated 6 August, these countries asked for the costs associated with these reforms to be taken into account in the deficit calculation.

A European Commission spokesperson indicated that the executive «would analyse the arguments put forward» and that Rehn would «reply in due course».

The subject will be tackled in September during a meeting of the working group of EU finance ministers on the reform of the Stability and Growth Pact, under the leadership of Van Rompuy.