Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-26-Speech-4-119"
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"en.20040226.5.4-119"2
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"I voted in favour of Mr Bigliardo's excellent report, which provided an examination of the immediate reasons why Europe's economy is ‘on the brink of stagnation’ without losing sight of the importance of investment in the future of healthy public finances. Indeed, Europe's economy is faced with a marked decline in investment in both the public and private sectors. On the other hand, geopolitical events such as the war in Iraq or the SARS outbreak have had a particularly adverse effect on economic confidence and growth in Europe. Furthermore, the appreciation of the euro against the dollar is also a brake on Europe's competitiveness. It is against this difficult background that the effects of the recent more flexible
approach to the Stability and Growth Pact need to be seen. As the report quite rightly says, Portugal was the first of the Eurozone countries to have the excessive deficit procedures initiated against it, because of the breach committed in 2001. Subsequently, the Portuguese Government elected in 2002 has fully committed itself, at the cost of various sacrifices and unpopular measures, to complying with the Stability and Growth Pact. Last week, Portugal's Prime Minister announced that the country had in 2003, as in 2002, complied with the budget deficit limit of 2.8%. I did not associate myself with the amendments tabled by the Union for Europe of the Nations Group because they solely reflected issues of special interest to France, which are quite distinct from Portugal's view."@en1
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