European Union’s stability and growth pact is reported to be incomplete for the U.K. to sign it.

"The stability pact is no longer worthy of the name," said Germany’s Berliner Zeitung.

The new rule requires the members of the European single currency to restrict borrowing to below 1 percent of national income over the medium term and isn’t actually a legal bar on British membership.

The U.K. finance ministres report that the changes to the pact won’t affect the European Union Treaty setting out the requirements for entry into the eurozone.