Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-12-Speech-2-239"
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"en.20050412.28.2-239"2
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".
Mr President, in reply to the question from the honourable Member on the Stability and Growth Pact following reform, the document approved today, the broad economic policy guidelines, reflects the true nature of the reform, not some caricature of them.
The reform agreed at the March European Council basically consists of placing more emphasis on anti-cyclic policies at good times in the cycle, of placing more emphasis on multilateral monitoring of the economic policies implemented during good economic times, on paying more attention within budgetary monitoring to the problems and challenges of mid- and long-term sustainability and, as a trade-off, with this greater attention to anti-cyclic policies and policies aimed at improving sustainability and greater flexibility in the application of the instruments in the Treaty, which are still there for the purposes of enhanced budgetary monitoring in the excessive deficit procedures.
The reference values in the Treaty, however, the budgetary limits, the need to maintain budgetary discipline, the role it must play in creating the necessary conditions for the proper functioning of the Economic and Monetary Union, for stability of prices and for creating the conditions for economic growth, are still there. Furthermore, I can tell the honourable Member that it is going to be applied rigorously, but more effectively, because the new Stability and Growth Pact is going to allow for better coordination and more compatibility amongst budgetary monitoring policies and growth policies, as well as the introduction of structural reforms, such as those included in the Lisbon Strategy, in order to improve the growth potential and the sustainability of our growth model and hence its capacity to generate employment and increase social cohesion. That is the true purpose and content of the reform of the Stability Pact. Caricatures are for those who make them. Neither the Commission nor the European Council deserve the caricatures that have been made of the Stability Pact.
I would like to address a final comment to Mrs Van Lancker on the relative roles of the Councils. It is the responsibility of the Council to organise its discussions. But just this morning, I took part in the meeting of the Ecofin Council in Luxembourg, I saw the document which was being discussed simultaneously in the meeting of the College of Commissioners, and I discovered that the ministers of the economy and finance intend to debate all the macroeconomic and microeconomic aspects of the broad economic policy guidelines, and also – by means of the integrated package approved by the Commission – the relationship between economic policies, the situation of the labour market and employment policies. So this Commission proposal now facilitates discussion in the Ecofin Council, the Social Affairs Council and the competitiveness Council, of the specific issues, but taking a coherent global view. That is one of the most important attributes of the Commission’s proposal approved today."@en1
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