"At the same time the Constitution sets in stone the Stability Pact and risks preventing member States from implementing a policy of growth. So we are not able to do things at the European or the national level"

In the quote by Laurent Fabius, he critiques the constraints enforced by the Stability and Growth Pact within the European Union's constitutional framework. The Stability Pact is designed to make sure fiscal discipline by restricting the budget deficits and financial obligation levels of member states. Fabius argues that the constitutional embedding of this Pact effectively "sets in stone" its requirements, potentially stifling economic development and flexibility in policy implementation at both the European and nationwide levels.

The phrase "sets in stone" represents that the Pact's terms are rigid and unchangeable, suggesting that they do not have adaptability to altering economic scenarios or national needs. This rigidity is troublesome throughout periods requiring significant fiscal policy adjustments to promote growth, such as during financial downturns or crises. By preventing deviations from strict financial rules, the Stability Pact might seemingly impede member states from pursuing extensive financial policies that may be needed to foster economic healing or address special national obstacles.

Fabius' issue is that this fiscal rigidity weakens the capability of private nations within the EU to customize policies that might drive financial growth and financial investment, possibly causing a one-size-fits-all method to fiscal policy. This centralized control may restrict the economic sovereignty of member states, constraining their ability to react successfully to domestic financial conditions.

Furthermore, Fabius suggests a more comprehensive ramification for the European Union's efficiency, showing that such restrictions might not just hamper national efforts but also collective European initiatives. If member states are restricted in their fiscal maneuvers, the EU's capacity to devise and carry out overarching strategies for economic development could be similarly limited.

In essence, Fabius is highlighting a stress in between maintaining fiscal stability and allowing the versatility needed for economic growth, prompting a reevaluation of how fiscal guidelines are incorporated into the EU's constitutional ethos to better balance these contending top priorities.