Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-04-25-Speech-3-438"
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"en.20070425.40.3-438"2
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".
The worsening budget deficit in some of the new Member States calls for determined and sustained action to implement, through adjusted convergence programmes, a viable fiscal consolidation strategy. Nevertheless, arbitrariness in the implementation of the Stability and Growth Pact is likely to reduce incentives for fiscal adjustment in these Member States. This report on Public Finances in EMU 2006 is therefore an opportunity to raise concerns about too rigid an approach when it comes to deal with the management of excessive public deficits. To avoid the regular infringements by Member States facing difficulties in balancing their public finances, the SGP should remain an incentive to induce fiscal adjustment in EU members and thus the revision should avoid the emergence of an increased arbitrariness in the implementation of the SGP.
Of course, fiscal discipline is a key element in the convergence of the income levels of new Member States with the EU-15. However, increased implementation transparency avoiding rigid and arbitrary procedures, as well as better comparability and reliability of data are necessary not only to facilitate new Member States’ entry into the single currency, but also for the prospect of genuinely enhancing growth and competitiveness in these countries."@en1
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