Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-12-Speech-2-064-000"

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"Mr President, ladies and gentlemen, the ‘two-pack’ shows that there is a legal basis for EU governance of the euro area, as this Chamber had called for during the revision of Article 136. What we now have to assess is whether these two regulations seem to be capable of dealing with the deterioration of the crisis and the potential of their legal basis. Here, the answer is clear: the Commission’s proposal seems to belong to another epoch. As Commissioner Rehn has said, the Commission proposes an addition to the ‘six-pack’ without taking into account the obvious limits of austerity policies and economic governance that are solely focused on introducing rigid constraints and without attributing any real financial decision-making powers to the EU. The Committee on Economic and Monetary Affairs has introduced significant improvements to the Commission’s proposal, especially visible in the report by Ms Ferreira, first and foremost, in the article on the debt redemption fund. However, there remain several limitations. I am struck by the deafness of rapporteur Mr Gauzès who, faced with the proposal to involve Parliament in activating the enhanced surveillance procedure, introduces a procedure similar to that used for delegated acts. Our group, however, has responsibly decided to focus on one point, on which, however, there still appears to be some confusion. Amendment 82 is not a weakening of the Stability and Growth Pact, it is not a classic ‘golden rule’ clause. Quite the opposite: it is a tool to defend the Stability and Growth Pact, to make it effective and to ensure compliance, as well as giving a greater role to the Commission. The amendment is based on the concept of sustainable discipline and gives the Commission the task of prioritising investments for growth and employment when defining medium-term objectives and assessing Member State budgets. For this reason, I call upon fellow Members in the Group of the European People’s Party (Christian Democrats) to read the amendment, to reflect and to prevent this Parliament from appearing to be cut off from a situation that is evolving throughout Europe as well as in the Council."@en1

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