Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-08-Speech-3-299"
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"en.20050608.21.3-299"2
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"Mr President, at the European Summit of 22 March, it was decided to review the Stability Pact, and the Council agreed on a new kind of Stability Pact, one to which we hope the Member States will adhere this time around. I have always said that stretching the Stability Pact is harmful to economic growth and monetary stability, while at the same time denting public confidence in the euro and therefore in Europe itself. The fact that the change to the Stability Pact concerning the 3% limit is not being made public does nothing to improve confidence in the euro. Although Member States will be permitted to exceed the 3% limit, the Council and the Commission have not, to date, explained how this new arrangement will be translated into practice. If the 3% limit can be exceeded, does that mean that a new limit will be introduced? This is a pressing question, and I would like Commissioner Almunia to answer it."@en1
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