Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-05-17-Speech-3-319"
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"en.20060517.21.3-319"2
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".
We are now shifting from taxation to the budget issue. What we are concerned with here is Member States’ adherence to their budgets. Following the debate at the 2005 Spring European Council, the Commission made proposals for amending Regulations 1466/97 and 1467/97, which form the legislative components of the Stability and Growth Pact. The relevant amending Regulations were adopted on 27 June 2005 following a lengthy discussion process – in the course of which it was asserted that the old Stability and Growth Pact was dead. Both regulations were adopted in accordance with the procedure laid down in Article 252 of the Treaty, and Regulation 1056/2005 was adopted following an opinion from the European Parliament.
In addition, on 11 October 2005, the Ecofin Council established a revised Code of Conduct relating to the implementation of the Stability and Growth Pact and Guidelines on the content and format of the Stability and Convergence programmes. All of these rules are publicly available, as is the information on the steps taken to date by the Council in connection with the revised Stability and Growth Pact. The latter comprise the following legal acts: decisions in accordance with Article 104(6) EC on the existence of excessive deficit in Italy, Portugal and the United Kingdom; recommendations on measures to correct these deficits under Article 104(7) EC; a decision establishing, in accordance with Article 104(8) EC, that the action taken by Hungary in response to the Council recommendations regarding the correction of its excessive deficit had proved to be inadequate; and also a Council Decision giving notice to Germany, in accordance with Article 104(9) EC, to take measures for the deficit reduction judged necessary in order to remedy the situation of excessive deficit.
In addition, the Council has delivered opinions on the updated stability and convergence programmes of all Member States, which had been drawn up for the first time in the context of the new regulatory framework for the amended Stability and Growth Pact. In a nutshell, I can say that, in spite of the criticism that the Stability and Growth Pact was practically dead, the new Stability and Growth Pact has proved to be functional and alive. This can also be seen in the significant fall in deficits in 2005 compared to 2004."@en1
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