Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-24-Speech-3-054"
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"en.20100324.12.3-054"2
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"Madam President, two things. The first concerns public finances, and the second competitiveness.
Last year at this time, we were discussing in this Parliament how to face the crisis. There were those who said ‘let us meet the crisis by spending more and accepting bigger deficits’, and those of us who said ‘now we need to be in control of public spending in order to secure stability for the future’.
Now we see the results. Some Member States followed the policy of spending and accepting bigger deficits, and we can all see the consequences: increased public debt and increased costs for servicing the public debt by increased interest rates. That is the reality which is squeezing out welfare spending and investments in a lot of the Member States.
I think we need to learn from this: we need to abide by the rules we already have and we need to develop and improve the Stability and Growth Pact and make it more able to meet crises in the future.
But we have the same debate now, because some now say that we should delay the exit strategies and the exit from public deficits. That is wrong, because then we will undermine our ability to recover and will increase the cost for interest rates in the Member States.
The second thing is that competitiveness goes hand in hand with our ability to have stable public finances and to make the real changes we have talked about for decades. That is up to the Heads of Governments to do this week."@en1
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