Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-05-Speech-2-095-500"
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"en.20110405.3.2-095-500"2
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The recent European Council summit marks the opening of a new phase – one of greater economic coordination and convergence in the EU and the euro area. The Euro Plus Pact adopted by the Heads of State or Government, with the involvement of the countries in the euro area and Bulgaria, Denmark, Lithuania, Latvia, Poland and Romania, provides us with a real chance of achieving the objectives set out in it, or in other words supporting competitiveness, employment, the stability of public finances and financial stability in general. It is worth highlighting the fact that the Pact does not specify the political or economic measures to be used in order to achieve these objectives, which means that it will still be up to the individual Member States to choose suitable means of doing so. There can be no doubt that the success or failure of the Pact will be determined by the genuine involvement of the Member States and how effectively their progress is monitored. When it comes to economic coordination, the EU can no longer afford a failure such as that suffered by the Stability and Growth Pact. Consent was also given at the summit to the inclusion in the Treaty of a provision establishing a permanent European Stability Mechanism, mobilised with the joint agreement of the Member States in the event that it is necessary to ensure the stability of the euro area as a whole. This is a very important decision, particularly in light of the recent problems faced by countries in the euro area. A permanent mechanism enshrined in the Treaty will act as a solid guarantee in the event of similar problems in the future, thus also reducing the risk of speculative attacks on the European currency. I also welcome the fact that the mechanism has been opened up for Member States outside the euro area."@en1
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