Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-08-Speech-3-310"
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"en.20050608.21.3-310"2
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".
Mr President, I would like once again to thank Mr Karas for his reports and all the Members who have spoken in the debate for their contributions.
Of all the contributions, I would like to refer to two of them, in particular those that have demonstrated the success of the euro, of the single currency, and I feel I should point out, at a time when certain statements appear to have called into question something that is obvious; that the euro has brought stability, solvency, historically low prices, that the euro has brought us historically low interest rates, that the euro is making us stronger. This should be pointed out because, immediately afterwards, I must say that in order to maintain that strong single currency
which strengthens us as Europeans in economic terms and in other terms
requires a fiscal framework and a Stability and Growth Pact such as the one defined in the Treaty and provided for by the regulations that this Parliament is discussing today through its partial amendments.
I would also like to express my agreement with those of you who have reacted to certain pessimistic analyses. It is true that there are economic difficulties, that there are growth and employment problems, that the citizens often feel that their needs are not sufficiently met. But it is also the case that when we are looked at from the outside, or when the situation of the European economies is looked at objectively, there is also cause for optimism.
At the meeting of the Eurogroup the day before yesterday, the Director of the International Monetary Fund’s European Department explained to us the general lines of the reports that it has just published and that can be consulted on the International Monetary Fund's website on the economy of the euro zone. He began by telling us that he is surprised about the excessive pessimism, since, on analysing the European economy, he has noted that the conditions are in place to allow it to recover fully.
There is a problem with confidence in some of the main European economies and one of the objectives of the reform of the Stability Pact is undoubtedly to increase the confidence in, and credibility of, a necessary framework of fiscal and budgetary discipline. To this end, this reform is balanced; it introduces certain elements of flexibility, but it also introduces greater demands -- particularly in the preventive part, regulated by Regulation (EC) No 1466/97. It is a reform that requires more transparency and it has therefore contributed to the adoption of important decisions aimed at improving the quality of our statistics. Furthermore, on the proposal of the Commission, Ecofin yesterday approved certain very important conclusions which indicate the improvements that are being made to the European statistical system and, in particular, to fiscal statistics.
Restoring confidence also requires a clear explanation. In many of your comments, ladies and gentlemen, I have noted an understanding of the Pact and of what the reform of the Pact means. In others, I have recognised ignorance or lack of knowledge or, in some cases, simply an interpretation that is not in line with reality: the reform of the Pact cannot be accused of repeating literally what the Treaty says, because what would jeopardise confidence would be to go against the Treaty. To act in accordance with the Treaty, to repeat what the Treaty says with regard to the reference value for public deficit, to the reference value for public debt and to all the factors that must be taken into account
Article 143 of the Treaty lays down the relevant factors to be taken into account when analysing a country's excessive deficit situation
to comply fully with the Treaty in every respect, to re-read carefully the Treaty approved in order to implement the Economic and Monetary Union, is one of the elements that will do most to restore confidence in the euro zone and throughout the whole of the Economic and Monetary Union.
In any event, I am convinced that this reform we are discussing today - and that I hope will enter into force at the end of this month - respects the rules, introduces clarity, economic rationality, demands equal treatment and will be applied rigorously, as was demonstrated yesterday. And what it requires from all of us is an accurate and full explanation of what it means, and in that way we will help the European citizens and the European project."@en1
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