Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-137"
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"en.20040915.6.3-137"2
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"Mr President, ladies and gentlemen, strengthening economic governance and clarifying the implementation of the Stability and Growth Pact are important matters, not only in order to refocus attention on the Pact’s underlying ethos and to strengthen the foundation which lends stability to the monetary union, but also in order to avoid undermining the trust which the public placed in us in 1997 during the discussion on the introduction of the euro, a discussion which took place both in this House and elsewhere. The Stability and Growth Pact is a requirement for justice and sustainability. It must therefore remain in existence, and its direction and application must be preserved and strengthened in accordance with the spirit of the Treaty of Maastricht and the European Constitutional Treaty.
The Stability Pact illustrates the simple economic and fundamental truth that today’s debts always end up being tomorrow’s taxes, to be borne by future generations. The Pact therefore rightly calls for an end to state indebtedness and for a budget that is balanced across the economic cycle. Under the Pact’s rules, as has already been noted, temporary deficits can and may be tolerated during economic upturns, but during the next economic upturn these new debts must then be cleared again.
Against this background, the Commission communication rightly poses the question of long-term viability, and calls for better links between the essential features of economic policy and the Stability and Growth Pact. A critical view should however be taken with regard to an issue which is given much space in the communication, namely that of placing greater emphasis on the Commission’s recommendations on economic development. The Commission communication contains a total of five key proposals; due to a lack of time I can only evaluate one of them, the improved coordination and implementation of budgetary policy. The closer links between the Commission’s recommendations on the essential features of economic policy and the Stability and Growth Pact are to be welcomed, and have meant that the Commission has been able to stimulate competition among systems in the Europe of 25 and to make a major contribution to moving closer to the goals set in Lisbon.
We should therefore lend our unreserved support to these renewed proposals for increased transparency and accountability in the Member States’ budgetary policies, and it must be especially in the interests of all participants in the monetary union to support the credibility of the Stability and Growth Pact by means of transparent data."@en1
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