The Fiscal Union Accord signed by 25 EU countries out of 27 is not negotiable, German Chancellor Angela Merkel said in an interview with the Leipziger Volkszeitung daily.
Her remarks come shortly after French presidential hopeful Francois Hollande asked that the accord be reviewed to focus more on growth than on austerity.
"There will be no new negotiations on the budget pact. Twenty-five heads of government have signed it," Merkel said, referring to an accord for member countries to keep annual budget deficits within EU targets or face sanctions.
"It has already been ratified by Portugal and Greece and Ireland will put it to a referendum in May."
Hollande said if elected, he would announce that “the French people have made a decision that presents a renegotiation of the deal."
