Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-277-000"

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"en.20110928.19.3-277-000"2
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"Today Parliament adopted the so-called economic governance legislative package, arguing that it aims to give the EU the necessary means to prevent future crises. In reality, however, it is about strengthening the economic and political powers that dominate the EU and putting a stranglehold on Member States and their peoples, particularly the countries with the weakest economies. These new rules strengthen the surveillance role of the Commission and its interference in economic, social, budgetary and fiscal policy, in the name of preventing excessive budgetary deficits and debt, enabling the application of penalties to the most vulnerable Member States and of new indicators to detect supposed macroeconomic imbalances. This set of six legal texts also regulates the European Semester, which is an annual review of national budgets, provides for hearings of the finance ministers of the Member States in Parliament, and establishes a faster mechanism for penalties, including steep fines. Some of the legislative texts have been adopted by a small majority, with Members from the left and centre left voting against or abstaining from voting on several parts of the package, as they believe that the legislation is too heavily based on budgetary discipline and austerity, to the detriment of economic growth and employment. We therefore voted against."@en1

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