Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-09-16-Speech-3-270"
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"en.20090916.19.3-270"2
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"This issue was also discussed earlier today. During the current crisis, public authorities have taken extraordinary measures in terms of both monetary policy and budgetary support. These efforts were necessary and appropriate, and played an important part in averting an even more serious crisis, in stabilising the economy and in preventing a drastic economic recession. The stabilisation of the economic and financial situation does not mean that the recession is over, however. We need to be extremely cautious and ensure that our policy for the future combines the necessary support for the recovery – which we hope will come – with a responsible attitude to sustainable public financing in the medium and long term.
It is precisely the need to balance these two objectives that makes the flexibility adopted in the 2005 review of the pact so sensible. In difficult economic times, the authorities must take the action required to promote economic activity. Once the recovery has picked up speed and is driven by its own momentum, however, we must ensure that our public finances are sustainable and we must establish credible plans for budget consolidation.
Since circumstances differ significantly in the various Member States, the schedules – the timetables – for ending financial policy incentives and monetary policy measures will also vary. This will be reflected in many of the deficit procedures that will be aimed at individual Member States, but it needs to be coordinated, and it must remain in line with the overall framework of the Stability and Development Pact. Consequently, the Presidency is planning discussions within Ecofin in the autumn concerning appropriate exit strategies and their coordination.
I expect these discussions to result in a clear accord on ambitious consolidation at the right time in each Member State in order to guarantee long-term sustainability."@en1
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