Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-05-16-Speech-2-391"
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"en.20060516.41.2-391"2
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"Madam President, Commissioner, ladies and gentlemen, the Member States’ economic policies are a matter of joint interest. Supervision of their public finances is essential to ensure that their commitments, which are greater in the euro zone, are fulfilled and that our shared aims are achieved.
I congratulate Mr Rosati, because his report identifies the main problems with public finances and provides valuable guidelines for treating them and improving their future course.
The situation is worrying but, as the Commissioner has said, the turning point may have been reached in 2005. Until then, the public debt ratio had done nothing but rise ever since the euro had been brought into circulation. There are still five members of the euro zone subject to the excessive deficit procedure and, indeed, growth in the European economy is lower than in the most advanced countries.
Part of the success may be due to the reform of the Stability and Growth Pact, because it has introduced some rationality. Defining medium-term budgetary objectives, while taking into account each country’s situation, its cyclical conditions and sustainability status, provides a more consistent fiscal environment and better incentives for structural reforms to raise growth potential.
It is important that budgetary procedures have a uniform calendar, respond to common economic parameters and are based on uniform assumptions that improve statistical governance. It is also necessary to use a cyclically adjusted budget concept, as the rapporteur proposes.
It does not seem that public investment should be subjected to greater rigidities than private, and it is therefore reasonable that the Council should look into authorising investment for purposes specified in the Lisbon Strategy, to be amortised over a similar time period to business accounting, and it is also important to make progress on sustainability.
Along these lines, I consider it important for national reports to be drawn up on the sustainability of public finances, based on common elements."@en1
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