Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-03-09-Speech-3-156"

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". Mr President, Mr President-in-Office of the Council, Mr President of the Commission, I just want to make a brief comment on the Stability and Growth Pact. If I consider it as an economist – which is what I was trained to be – then there are many countries that make a success of things without stability rules; the USA is often quoted as an example. There are countries that strictly observe stability rules and achieve but little success, and the reverse also occurs. From an economic point of view, then, a variety of approaches are possible, but there are good reasons why we, having established ourselves as a community and now being desirous of creating a single market, should equip ourselves with a Stability and Growth Pact of this kind, the most important of these being the introduction of the euro. Despite the many prophecies of doom, originating not least from this House, we have ended up with a strong euro – it could even be described as too strong, and that is why now is very definitely the time to rearrange matters; not, though, by abandoning the Stability and Growth Pact, but by taking into account economic conditions in the individual countries. What is needed is not special arrangements for Germany, but the recognition that special economic conditions can occur in any of our Member States. Once such a change is made, it does of course follow that every country – whether Germany or some other – must abide by the rules. Some account should also be taken of the fact that Germany is still the European Union’s main paymaster. With this in mind, I regard the Luxembourg Presidency’s proposals as very, very worthwhile, and I hope that they will prove to be a successful solution. I hope that the Commission and its President will be able to help us on our way to a real solution. Second only to that solution and to the boosting of the Lisbon process, we need two things: closer coordination of general growth and economic policy between the individual countries, and a solution to the financial perspectives, if at all possible before Luxembourg vacates the presidency. I know that a heavy burden rests upon your shoulders – not, perhaps, broad ones in terms of your country – but I do hope you will be able to sort this out. In any case – and I am speaking on my group’s behalf when I say this – we wish the Luxembourg Presidency much success. It has brought with it all that is needed to resolve this issue with, not least, a new and rational reform of the Stability and Growth Pact."@en1

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