Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-247-812"

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"As the past year has shown, the so-called Stability and Growth Pact, which was intended to provide an effective deterrent against violations of the macroeconomic principles of the euro area by the Member States, has not been terribly effective, to put it mildly. This is due to a large extent to the fact that the Member States believed they could act with impunity, since the sanctions provided for by the system were not automatic. We are in agreement as to the form of sanctions which would be imposed on countries in the euro area which exceeded the permitted level of deficit and public debt. However, it is equally important to take preventive measures, and therefore we in the European Parliament are in favour of introducing an automatic mechanism in the preventive arm of the Pact as well. The entire process also requires greater transparency, and this can only be ensured by greater involvement of the European Parliament and the national parliaments."@en1

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