Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-07-Speech-2-498"
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"en.20100907.32.2-498"2
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"Mr President, the 30 June communication on enhancing economic policy coordination for stability, growth and jobs is a follow-up to the Communication we released on 12 May and presents concrete tools for enhanced economic policy coordination.
We propose a more effective surveillance framework with improved fiscal surveillance, stronger surveillance of macro-economic imbalances and a more rigorous ex-ante coordination of economic policies under the ‘European Semester’. Our proposals have been well received in the Council, by the Herman Van Rompuy taskforce and by Parliament, as well as in the media. The conclusions of the European Council of 17 June gave a clear endorsement to our suggestions and encouraged us to go ahead with making better economic governance in Europe a reality as soon as possible.
The Commission will adopt the necessary formal legal proposals in the course of this month. It will count on the Council’s and the European Parliament’s support to adopt the necessary legislation and make these proposals operational as soon as possible. As part of the legislative package, we will propose a new toolbox of sanctions and incentives for compliance with the Stability and Growth Pact. Strengthened enforcement mechanisms for fiscal rules are a central element of our proposals, key to the credibility of our fiscal framework, and an important topic under discussion in the taskforce.
As outlined in the 30 June communication, we will propose in the first stage a new system of sanctions for the 16 euro area Member States on the basis of Article 136 TFEU and for, firstly, the preventive and corrective arms of the Stability and Growth Pact and, secondly, the corrective arm of the surveillance of harmful macro-economic imbalances. This reflects the greater interdependence and stronger constraints in the monetary union. The sanctions will be complementary to those already foreseen by the Stability and Growth Pact but intervene at an earlier stage of the excessive deficit procedure and more automatically.
To improve compliance in all 27 Member States, we plan, in the second stage, to introduce the possibility of suspension and cancellation of current and future financial appropriations from the EU budget. This would concern expenditure related to cohesion policy, the common agricultural policy and the fisheries fund. Hence, the objective will be to use the EU budget as complementary leverage to strengthen incentives for compliance with the Stability and Growth Pact requirements."@en1
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