Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-17-Speech-3-064"
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"en.20000517.4.3-064"2
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"Mr President, firstly my congratulations to Mr Goebbels on a very professional report and an excellent presentation. Some government finances are indispensable prerequisites for economic stability and economic progress. Securing budgetary discipline strengthens price stability and creates conditions which are conducive to creating much needed employment within the territories of the Union.
The Stability and Growth Pact States provide the 15 Member States of the Union with a comprehensive surveillance procedure to monitor their budgetary policies. The Stability and Growth Pact calls for Member States to reach, in the medium term, a budgetary position close to balance or in surplus. It must also identify the adjustment pacts adopted to reduce the general government debt ratios.
The Commission and Parliament monitor submissions made by each Member State of the Union to ensure compliance with the Stability and Growth Pact. We must also remember that there are wider provisions for closer coordination of economic policies in general between the Member States of the Union. The principle of the Stability and Growth Pact is also a logical progression from the criteria laid down in Maastricht for the Member States to comply with economic conditions for participation within the new European single currency.
The one comment I would like to make about the state of the single European currency is: Why do so many Member States want to join such a regime? It is clear that Greece will shortly join the existing 11 Member States who are participating in the economic and monetary union, and I wish to congratulate Greece on its economic recovery and wish it well in the future. I welcome Greece into the euro zone.
It is also clear that Sweden and Denmark will accede to the single European currency regime over the next couple of years. It is known that the vast majority of countries from eastern and central Europe want to sign up to the process of economic and monetary union in as short a time as possible, but I believe that the European Central Bank has to outline a clear strategy as to how it intends to bolster the value of the new euro.
The 290 million citizens within the existing 11 EMU countries have the right to know what the European Central Bank intends to do to maintain and enhance the value of the euro now and into the future."@en1
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