Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-08-Speech-3-356"
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"en.20100908.17.3-356"2
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"The current macro-economic and budgetary surveillance procedures set out in Articles 121 and 126 of the treaty constitute the cornerstone of economic policy coordination.
The European Council in March 2010 set up a task force chaired by the President-in-Office of the Council and made up of all Member States, the European Commission and the European Central Bank. The task force was charged with analysing the measures needed to create an improved crisis resolution framework and better budgetary discipline by exploring all the options for strengthening the legal framework.
The task force presented a progress report to the European Council in June. The report highlighted the need for reinforced budgetary surveillance, notably with a greater emphasis on debt levels and trends, but also taking into account the overall sustainability of that debt in the light of the Stability and Growth Pact.
The task force also advocated adopting more effective macro-economic surveillance procedures in order to identify macro-economic imbalances at an earlier stage and then produce recommendations designed to prevent the situation worsening and avoid any knock-on-effects.
Lastly, we will need to define specific indicators, although private debt will undoubtedly be a key issue. The Council meeting on 8 June and the European Council on 17 June approved the task force’s orientations. The task force is due to present its final report and findings at October’s European Council meeting. We will then be able to begin the process of adopting new EU legislative texts or amending existing legislation as appropriate. The Presidency will definitely make any such initiatives a priority."@en1
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