Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-05-16-Speech-2-384"
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"en.20060516.41.2-384"2
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"Madam President, public finances have a huge impact on economic growth, the creation of new jobs and on macroeconomic stability. The Maastricht Treaty clearly stated that the course followed by public finances in European Union Member States should be carefully monitored at European Union level.
The main and most pertinent point of this year’s report is the unbalanced budgetary positions in the majority of Member States. Four of the largest EU economies, France, Germany, Italy and Great Britain, are among the countries subject to excessive budget deficit procedures. The basic causes of the problems are still an excessively slow rate of economic growth in Europe, as well as failure to implement the structural reforms required to strengthen public finances for the future. The rate of economic growth in the European Union is significantly slower than its potential would suggest, and significantly slower than that of other global economic powers, such as the United States, Japan, China or India. The reasons for this situation also lie in the low level of internal demand and uncertainty concerning job security, social protection, salaries and pensions.
High energy prices, unstable fuel markets and constant current account surpluses in the majority of Asian countries have all shaken the faith of many businesses in Europe. A loose fiscal policy has proved to be ineffective and has not encouraged growth in our economies. The indicators show rising levels of debt which pose a real problem, especially in terms of long-term budget stability, across the whole of the Union. The initiation of attempts to implement the Lisbon Strategy in 2000 was supposed to ensure a comprehensive programme of reform.
Bearing all these problems in mind, I think that we should take decisive steps to increase the effectiveness of preventive measures, as well as implementing corrective measures to strengthen and consolidate public finances."@en1
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