Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-09-Speech-4-091"

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"en.20050609.22.4-091"2
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". The reform of the Stability and Growth Pact proposed to us now is only marginal, but it is no less important as a consequence. What is regrettable is that it will have taken eight years in order to realise that the rise in deficits did not come about solely on the basis of the disastrous and completely arbitrary figure of 3% of GDP, but also as a result of ‘relevant factors’: continually weak growth, ageing populations, the consequences of the botched enlargement of the EU or of unfettered globalisation, and so on. It was about time. That is not enough, however. The Europe of Brussels has just spent the last ten years sacrificing millions of jobs in adhering to dogmatic quantified targets (3% of GDP for government deficits, 60% for government debt or, again, a maximum inflation rate fixed by the European Central Bank at 2%). It must now make employment and the prosperity of its people its primary objective, to which all, absolutely all, other objectives must give way, whatever may be the views expressed on the matter by the Frankfurt Bank, the zealots of pure and perfect competition or those of completely unrestrained global free trade."@en1

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