Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-229-000"
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"en.20110928.19.3-229-000"2
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"Experience gained and mistakes made during the first decade of functioning of the Economic and Monetary Union show a need for improved economic governance in the Union, which should be built on stronger national responsibility for commonly agreed rules and policies and on a more robust surveillance framework of national economic policies at Union level. This regulation makes it possible to issue recommendations and demand contributions from Member States who fail to stick to their medium-term fiscal consolidation targets, including if their results are in compliance with the rules of the Stability and Growth Pact (3% deficit, 60% of GDP). I have not supported the regulation because:
1) it fails to analyse whether this management of economic policy will contribute to meeting the Europe 2020; these rules would mean that the aims of long-term growth, development and sustainability will be subordinated to short-term budgetary and market pressure;
2) the rules are not supported by economic theory and will tie the hands of politicians;
3) the regulation favours cutting expenditure rather than increasing revenue; this will obstruct growth and employment and contribute to dismantling the state."@en1
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