Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-26-Speech-4-116"
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"en.20040226.5.4-116"2
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"By adopting the Bigliardo report on public finances in EMU, the European Parliament has finally removed from the original text calls for sanctions against France and Germany for not respecting the Stability and Growth Pact. That is wise.
Nevertheless, I voted against the text as a whole because what remains is hardly better than what was removed.
In effect, the report suggests measures to reform the Stability and Growth Pact in order to make it intelligent, which is impossible. The Pact itself is indeed stupid, because it imposes a uniform budgetary rule that will always be arbitrary, even if it were to become more sophisticated in future. Instead, each government, which is answerable to its people, must be given greater freedom to evaluate the policy that is in the best interests of society.
Of course, it could be claimed that the existence of the euro means that some harmonisation of budgetary behaviour is essential. This rule is not however rigid, as we are currently seeing, with the euro remaining at a high level despite the complete divergence of national policies. In any case, if monetary unification really had to mean standardisation, budgetary or otherwise, this would bring about such exorbitant costs that it would be advisable to question whether or not the process was still beneficial as a whole."@en1
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