MADRID, Nov 26 - European Central Bank Governing Council member Jaime Caruana said on Wednesday an Ecofin move to effectively suspend budget deficit rules represented a major risk to confidence in public finances. "The decision...presents significant risks, risks to credibility in the constitutional framework and risks to confidence in the solidity of public finances," Bank of Spain Governor Caruana told reporters.
On Tuesday European finance ministers decided to suspend application of the rules of the Stability Pact to save heavyweights France and Germany from disciplinary action.//