Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-04-25-Speech-3-433"
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"en.20070425.40.3-433"2
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"Mr President, Commissioner, ladies and gentlemen, the report and the debate show clearly that the Stability and Growth Pact has been a success. It is a success because this type of public debate about government finances would never have been conducted in either the Member States or the European framework if there were no Stability and Growth Pact. It is a success because it creates clarity and certainty and defines the same objectives for everyone. It is a success because it establishes a regulatory structure for national budgetary policies. The Stability and Growth Pact is the European political complement to the single currency, and the single currency is our most important and successful response to globalisation.
The success of the Stability and Growth Pact is also reflected in the percentage decrease in total indebtedness and in the annual amount of new debt. We are still far from the finishing line, however, and we now have an opportunity to speed up the process. The economic climate provides a tailwind that can help us to remove structural defects, to step up the liberalisation drive and to rise boldly to the challenges posed by demographic trends. Incurring debt to service debt rather than to invest in the future saddles the young people of our nations with a heavy burden. Incurring debt to service debt means selling our future down the river. We need the annual surplus to reduce the government deficit in every Member State and to increase our scope for future action. May the report give us fresh impetus for the pursuit of these goals."@en1
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