Abstract: This article deals with the stability and growth pact approved of by the EU´s heads of state or government in Amsterdam in June 1997. The pact´s aim is to provide budgetary discipline in Stage 3 of European Monetary Union in order to ensure a stable common currency and the European Central Bank´s independence. Excessive deficits are evaluated by taking into account real GDP growth. A hypothetical application of the stability pact for the period 1979 to 1996 shows considerable problems for some future EMU-members if structural deficits are not reduced before entering EMU. The credibility of the stability pact within EMU will depend upon timely and exact statistical data as well as on a strict application of its rules. On both accounts there remain doubts.