Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-140"
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"en.20040915.6.3-140"2
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"Mr President, ladies and gentlemen, I should like to point out to the Members of the Group of the European People's Party (Christian Democrats) and European Democrats – but evidently not to Mr Brunetta, who has rather different ideas on the matter – that the Stability and Growth Pact is not being changed to make it less strict. That would be a mistake. The Pact should be changed because it has started to contradict itself. Its mechanisms balance if the nominal growth of the economy comes to around 5%. Our potential growth in Europe is consistently below that figure, and so the Pact does not hold. If it is left like that, debt will rise as a result.
The Commission’s proposals are sound. They can be enhanced and strengthened in relation to Lisbon and in relation to the strengthening of European integration, which means avoiding the risk of policies breaking down at national level. If, for instance, precise mechanisms are identified to make the Pact fully and automatically cyclical, to support European investment programmes or to give set flexibility margins to countries that approach the Lisbon reforms structurally, all that would not mean making the rules less strict but making them more effective and directed towards growth and integration.
Lastly, it is fair to look more carefully at debt, not the amount of debt but its dynamics. In fact, for mathematical reasons, under equal conditions of growth and deficit reduction, a larger debt falls more rapidly, and so it is appropriate as well as fair to punish not the accumulated errors of the past but, if anything, the laxity in remedying them."@en1
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