Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-04-25-Speech-3-435"
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"en.20070425.40.3-435"2
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"Mr President, in my contribution to the debate on the report on public finances in the EMU countries for 2006, I would like to make a few observations.
Firstly, while it is true that the public finances of the majority of EU countries improved significantly in 2006, I have serious doubts as to whether this is a result of the reform of the Stability and Development Pact as the Commission makes out. In my view it is more likely the result of a good economic climate.
Secondly, despite these improvements I do not regard the public finance situation in individual Member States as satisfactory. In spite of the good economic climate, only three of the countries in the euro zone returned budget surpluses. Over half of the countries in the zone have a public deficit in excess of 60% of GDP.
Thirdly, I should point out that the state of public finances in the new Member States is better than in the old members, for example, the average public debt in the euro zone was over 63% in the old fifteen, while it does not exceed the 60% threshold in the new twelve.
And fourthly, I would like to state that despite the revision of the Pact, the Commission’s favouritism towards the largest Member States has not changed. It continues to tolerate significant deficits, and even public debt among these countries, which contrasts with its strict attitude to the smaller Member States, and in particular the newly accepted members."@en1
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