Brussels, 18/01/2005 (Agence Europe) - The European Banking Federation (EBF) wants reform of the Stability and Growth Pact (SGP) “in line with the orientations expressed by the Commission last September”, indicated Martin Hüfner. During a press conference on Monday, the president of the EBF's economic and monetary affairs committee recommended sticking to the reference values of the deficit (3%) and for the debt (60%) as laid down in the protocol annexed to the Treaty of Maastricht. The organisation, which represents the banking sector in Europe, also argued (like Jean-Claude Juncker and Joaquin Almunia) for taking debt criteria into account and the consolidation of public finances during periods of growth. The EBF, however, recognised the need to carefully examine the exceptional circumstances that would allow a temporary overshoot of the 3% threshold. Hüfner said that rules had to be applied impartially, whatever the scale and weight of an economy. He said that any criteria that allowed fro exceptions had to be clear and based on economic decisions.