Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-149"
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"en.20040915.6.3-149"2
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"Proposals for the reform of the Stability and Growth Pact would be worth discussing, even though the proposed amendments to the Pact would require careful evaluation. However, in my view, in the current situation a revision of the Pact should not be contemplated, because certain states chronically fail to observe the existing criteria and a growing number of states may well fail to observe them in the future. Nor does the inadequate penalty regime serve to encourage the maintenance of budgetary and fiscal discipline.
The proposed reforms give a dangerous signal to market forces about inability to control the situation even in the long term. That is why I cannot support the proposed reforms, especially those relating to anchoring the budget deficit level and the different deadlines allowed to Member States for eliminating excessive deficit.
Budgetary and fiscal policy are particularly sensitive areas of political responsibility. Any exceptions in these areas will inevitably tend to be never-ending. Of concern is the proposal for an extended period of weak economic growth, which would in effect offer a limitless time for those politicians who are unable or do not want to undertake structural reforms in their countries. A relaxation of the rules will not motivate politicians to undertake unpopular reforms.
Similarly, the proposal for country-specific adjustment paths for correction of excessive budget deficits is of special concern. These specific adjustment paths for various countries may prove to be not simply specific but also significantly different, because transparency in these matters is hard to ensure. That would lead to a loss of confidence in the Pact as a whole."@en1
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