Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-119"

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"en.20040915.6.3-119"2
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"While endorsing the views expressed, that the main provisions of the Stability and Growth Pact do not need to be revised and that the means of implementation are clearly defined, I would still like to point out that the Pact's long-term stability depends on economic flexibility, taking into account ordinary citizens' preparedness for change. Now the impression has formed that the main criterion of this Pact is the size of the fiscal deficit, and its sole goal is to ensure the stability of the euro, and all that can only be achieved by carrying out structural reforms, but the purpose of economic decisions is to ensure a growth in citizens' prosperity, allowing them to realise their potential. Unfortunately, in real economics structural reforms mean a reduction in expenditure for social programmes, which make up the largest proportion in the state finance structure. Lithuania's experience of reforms shows that if a favourable environment is not created for the transfer of capital and labour from less efficient to more productive activities, i.e. a liberal window of new opportunities is not opened for the population or business, social expenditure on structural reforms is very great and the results, due to great opposition, do not match expectations. Thus the Pact's main priority ought to be to stimulate economic dynamism, creativity and a growth in new quality jobs, so that even my sceptically minded colleagues from Britain would not doubt the substantiation of financial and economic stability."@en1

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