In 1999 many European countries signed a stability pact in which they agreed to limit their actual budget deficits to less than 3% of their country's GDP.

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This statement is true. The stability pact, officially known as the Stability and Growth Pact, was signed by European countries in 1999 with the aim of promoting fiscal discipline and stability in the Eurozone. The pact required member countries to limit their budget deficits to less than 3% of their GDP and to strive for a balanced budget or surplus. However, the pact has faced criticism and challenges over the years, particularly during times of economic crisis.

In 1999 Many European Countries Signed a Stability Pact in Which