Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-145"
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"en.20040915.6.3-145"2
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"Mr President, ladies and gentlemen, I could perhaps accept that the Stability Pact has been useful. However, it needs amending, because it has not always been applied correctly or fairly. In some countries, the Commission has exhausted its strictness, and in others the Council has exhausted its leniency.
I agree that we must take account not only of the actual but also of the structural deficit, by overlooking short-term cyclical fluctuations in GDP. Had we done so, Germany would not have had a problem in either 2002 or 2003, or even this year, while France would have had a problem in 2002 and 2003, but not this year. A source of friction would have thus been eradicated.
I also agree that we should not overlook borrowing, but this means that we need to use the primary structural deficit; in other words, we need to subtract amortisation costs. I also agree that we need to examine the extent to which a country has exorbitant expenditure for which it alone is not responsible, as with Greece and the extraordinary spending on the Olympic Games.
Finally, I want a pact which will achieve stability in the eurozone, not unequal treatment of Member States, a pact with a long-term strategy, not knee-jerk reactions, which safeguards the Lisbon objectives without sending the economies into a vicious circle of recession.
If we are to achieve all this, we need to clearly amend the Stability Pact, the Regulation itself, not merely hope that it will be applied better in the future."@en1
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