Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-221"
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"en.20100209.13.2-221"2
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"Certain countries in the euro area are currently facing severe financial problems, illustrated by the size of public debts and budget deficits, which are much higher than the threshold permitted by the Stability and Growth Pact. The main logic behind the Stability and Growth Pact was to avoid incidences of ‘stowaway’ actions by imposing limits on public debt. However, this failed to take into account the need to increase public debt when the financial situation is worsening at macro-economic level, and it is further affected by the exponential rise in private debt.
The rapid decline in the state of finances in certain Member States poses a threat to both the stability of the euro and cohesion at European Union level. To avoid such consequences, solidarity must be demonstrated between Member States by adopting joint measures offering mutual support to countries experiencing difficulties. There is also a need to relax the Stability and Growth Pact’s criteria, which is an option provided for in a declaration annexed to the Final Act of the Treaty of Lisbon.
Therefore, it is still our responsibility to show a united political will and implement the reform of the Pact, which has now become a necessity."@en1
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