Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-05-16-Speech-2-380"
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"en.20060516.41.2-380"2
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".
Madam President, I should like to start by giving my sincere thanks to the rapporteur, Mr Rosati, who, together with all the shadow rapporteurs and others, has been at pains to draw up a report on which a consensus can be achieved. The Committee on Economic and Monetary Affairs supported this draft by an overwhelming majority – I would almost say unanimously. Naturally, it has also been endorsed by the Group of the European People’s Party (Christian Democrats) and European Democrats.
We shall naturally assess the amendments tabled critically, and so I am very grateful that the Commissioner, too, has criticised two or three aspects of these amendments.
Sound public finances are the most important aspect of Economic and Monetary Union as a whole and beyond. These are the only way of effecting a lasting economic upturn in Europe. Unfortunately, this idea is not popular with all European governments, who often lack the political will to make budgetary reforms. They have to clearly observe the criteria laid down in the Stability and Growth Pact rather than repeatedly attempting to circumvent them.
In 1997 – several of us were present at that time – these were termed ‘stability criteria’, as they lend stability to the financial area and economy in Europe. European governments should not now view these criteria as a scourge or obstacle to their development, therefore, but as a sustainable path to a healthy economy.
Large budget deficits have an adverse effect on economic developments. Indeed, as we have just heard, there have been some changes in this regard. Increases in these deficits only perpetuate this spiral, and it is imperative that they be stopped. Naturally, we must increase expenditure on the correct channels: on innovation and on developments with a promising future; but this does not change the fact that there is still expenditure that needs to be included in macroeconomic calculations.
In this connection, I welcome the independence of the European Central Bank – something that others have already made clear today – with regard to its interest-rate policy, which must continue to pursue price stability as its primary objective.
The write-down in the case of special expenditure on innovation, such as in company accounting, that has been called for by some of my fellow Members, would open the way for further new debt and weaken the European economy dangerously in the long term.
A long-term policy of balanced public finances is needed in the current euro countries and must also be made an indispensable requirement for all future accessions to the euro area. To do so does not require the creation of any new national bodies to monitor public finances, as stated in the amendments, however, as these would only result in an increase in bureaucracy and in a heterogeneous system in a single monetary area.
The Stability and Growth Pact and the monetary policy of the European Central Bank provide a reliable, satisfactory framework, and all we need to do is to stick to it."@en1
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