Senior EU official Caio Koch-Weser said the stability and growth pact is still "vital" to a robust European economy. Koch-Weser, chairman of the economic and finance committee comprising member states' finance ministry and central bank officials, added that following its recent overhaul by member states, "the pact has... been strengthened and gained teeth", despite some claims to the contrary. As a result, the EU's fiscal rule book now "achieves a good balance between stability and growth", he told the European parliament's economic and monetary affairs committee.