Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-10-Speech-2-068"
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"en.20040210.4.2-068"2
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Ladies and gentlemen, although I am sure you do not think this regulation is important, I propose to explain to you why it is; it is intended to ensure that the Member States forward reliable data on their financial transactions to Eurostat every quarter. This data is to include all forms of debt – in other words, not only all loans, but also general government debt. Reliable statistics such as these are meant, among other things, to help the European Central Bank to draw up its quarterly financial accounts for the eurozone. As I made clear at first reading in October, this regulation is overdue, not least because these essential items of data, which are now to be forwarded on a quarterly basis, are of decisive importance to the Stability and Growth Pact, on which is founded the stability of the euro – about which you have heard a certain amount said in recent months.
I had hoped that we could have spared ourselves a second reading, as we had obtained the Italian Presidency’s agreement to some sensible amendments, which met with the overwhelming approval of this House at first reading. The regulation could, then, have entered into force before the end of 2003, but that was not to be, mainly because a number of Member States discovered that they had not after all made sufficient preparations for the required data to be transferred so quickly. That is in fact hard to comprehend, as one would have thought that the Member States would have an interest in knowing the state of their finances every quarter.
Nevertheless, we are willing to agree to this more flexible approach to forwarding in order to avoid the further delays that would result if we were to insist on a conciliation procedure. That might well have suited those Member States that have difficulty keeping to the Stability Pact and therefore have an interest in drawing a veil over the actual level of their public debt. As we do not want to do these Member States a favour, I propose that we adopt the Common Position."@en1
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