Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-12-Speech-1-197"
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"en.20090112.20.1-197"2
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"Mr President, the Commission welcomes the Gottardi report and the substance of the report fits well with that of the two earlier Commission reports on public finances in the EMU released in June 2007 and 2008. The Commission also agrees with the three latest amendments tabled by the rapporteur on 7 January.
The European Parliament’s report confirms that the revised Stability and Growth Pact (SGP), so far, has been working as it should. In particular, many Member States have made considerable efforts to meet their obligations with regard to the Pact. Since the reform of the SGP, both the corrective and preventive arms have been applied in full accordance with the provisions of the reform pact and any leniency in enforcement has not occurred.
However, the report also emphasises the very negative economic outlook for the EU and the euro area for 2009. Growth has slowed down considerably, to the point of turning into an outright recession this year. The overall economic prospects for 2010 are also discouraging, so the Commission agrees with the European Parliament that supporting demand by making use of discretionary fiscal policy measures is now essential.
Nevertheless, fiscal policy should be maintained on a sustainable course, anchoring expectations of an ordered resolution of the crisis. In this respect the Commission shares Parliament’s concerns regarding the long-term sustainability of public finances and continues to put emphasis on its assessment.
A new report on the long-term stability of public finances in the European Union will be issued by the Commission in autumn 2009. The Commission also takes the European Parliament’s view that public expenditure has to be reoriented in order to improve the quality of public spending in line with the Lisbon Strategy. Such a policy orientation is indeed part of the integrated policy guidelines adopted by the European Council. Work is ongoing at the Commission for a more systematic assessment of quality of public finance developments including aspects of performance-based budgeting."@en1
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