Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-04-13-Speech-3-023"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-04-13"^^xsd:date2
dcterms:Is Part Of	lp_eu:Meeting of the European Council (Brussels, 22 and 23 March 2005)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20050413.2.3-023"2
lpv:hasSubsequent	lp_eu:2005-04-13-Speech-3-0242
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; ITRE (2004-07-22--2006-07-04)3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3 substitute; Delegation for relations with the Palestinian Legislative Council (2004-09-15--2007-03-13)3 member; ALDE (2004-07-20--2009-07-13)3 member; ECON (2004-07-21--2007-01-14)3
lpv:translated text	"Mr President, Mr President-in-Office of the Council, Mr President of the Commission, ladies and gentlemen, I congratulate the Luxembourg President-in-Office of the Council on the conclusion of work to reform the Stability and Growth Pact last month. In its new form, the pact demonstrates a series of positive aspects. The preventive aspect of the pact has been strengthened; the Member States have an incentive to put something away for a rainy day. At the same time, greater attention is being paid to the level of debt of the Member States. The differing economic situations in the individual Member States have been taken into greater account than in the past. In this respect, there is a good chance of working in future on realistic solutions to problems, if deficit and debt criteria are exceeded. The reform of the pact should help in reconciling the economic policies of the Member States and, at the same time, highlight the need for a sustainable financial policy. I do have my doubts, though, as to whether these positive aspects are sufficient to push the eurozone forward. I fear that these reforms will not be able to restore the lost confidence of the citizens. The reformed pact has too many weak points, in my opinion. In future, the European Central Bank alone will be responsible for ensuring the euro remains stable as, to all intents and purposes, the pact will no longer function as a second stability pillar. The increased margin for interpretation and the unspecified special circumstances will tempt many Member States to run up new debts. This might soon force the European Central Bank to raise interest rates and jeopardise what is already only weak growth in the eurozone. The Commission has emerged from the reform process weakened rather than strengthened, in my opinion. It seems questionable to me whether it will be able to effectively play its part as guardian of the pact. Consistent application of the sanction mechanism provided for in the pact in the event of infringement of the pact appears to be less probable today than ever before. I hope that it manages, despite these misgivings, to avert possible damage to the eurozone. Revision of Regulations Nos 1466 and 1467 must include the clarification of unclear wording. The Group of the Alliance of Liberals and Democrats for Europe expects the European Parliament to be actively involved in the process of editing these regulations and supervising compliance with the pact."@en1

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