Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-131"
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"en.20040915.6.3-131"2
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"Mr President, the Commission has finally acknowledged that the different economic and social realities of the various countries calls into question the rationale behind nominative criteria in applying the Stability and Growth Pact.
This justifies, albeit belatedly, the criticisms that we have made from the very outset. We have criticised the 3% public deficit limit and warned of its social and economic impact. We can only regret, however, that these proposals have come to light only after successive years of non-compliance by France and Germany, and are really little more than a cosmetic exercise that lets France and Germany off the hook.
We know how the Stability and Growth Pact has served to justify withdrawing public investment, particularly in the social areas for which the State is responsible, thereby encouraging further privatisation. We all know that the consequences of a slow-down, of stagnation and in some countries, such as Portugal, of economic recession are rising unemployment and social exclusion. What we are saying, therefore, is that we urgently need to revoke the Stability and Growth Pact and to undertake a root and branch review of economic and monetary orientations in the EU. In order to safeguard economic and social development, it should be replaced by a pact that genuinely helps to create jobs and to foster social progress, a pact that prioritises social economic cohesion, jobs and social inclusion."@en1
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