Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-266"
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"en.20030311.10.2-266"2
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"Mr President, a fiscal responsibility for Member States is a must, inside or outside the eurozone. It would be disastrous for us to act recklessly and even worse for countries to consider themselves above an agreement which disciplines us all for the sake of a stable eurozone. Having said that, I am and have always been in favour of an intelligent and flexible interpretation. Clearly there is room for improvement. I am sure the Commission recognises this. The economic cycle calls for more than an annual disapproval. Monitoring over such a short period of time is incompatible with real-time analysis. I am sympathetic to Mr Santos' view that the cyclically adjusted deficit approved over the economic cycle is both sensible and prudent. Growth and stability are twin pillars. The Lisbon Summit gave voice to the possibility of a single market which was matched by investment in training and release of capital through the use of the financial services action plan, complemented by the risk capital action plan. However, we are still falling behind competitively. There are no high walls to keep the market out. The EU is increasingly in danger of being left out. The risk to the Community of not tackling substantial structural reforms is too great to be ignored. If we delay now, that will worsen, not ameliorate, economic downturns.
Today's discussions have been entertaining and humorous in many respects. In particular I thank Mr Olle Schmidt for the view that Sweden will join the euro and hopefully set a very good example for the UK, which will join very shortly afterwards."@en1
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