Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-23-Speech-4-155"
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"en.20050623.30.4-155"2
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".
As I said at first reading, the reform of the Stability and Growth Pact (SGP) fell short of what was required. The same objectives and criteria were reaffirmed and indeed more time was given. What was really needed was the scrapping of the SGP and a clean break from the prevalent economic and monetary policies, in order to create a macroeconomic framework capable of fostering sustained economic growth and employment. This was not the case. The excessive deficit procedures continue to be implemented, not least in Portugal, the worst aspect of which is that it serves to justify the austerity measures contained in the stability programmes put forward. This is true of Portugal, where taxes have gone up and where there has been a concerted attack on public administration, and in particular on public officials.
There is still no desire to learn the lessons that need to be learned. Yet in spite of the cosmetic reform of the SGP, I welcome the rejection of the rapporteur’s maximalist proposals, the aim of which was to strengthen the SGP and to attach greater importance to the debt criterion, offsetting the data provided by national governments against the data provided by the central banks."@en1
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