Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-159-000"
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"en.20110928.19.3-159-000"2
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"Mr President, on 29 September 2010 the Commission put forward a legislative package to strengthen economic governance in the EU and the euro area. The package comprises six proposals, four of which address budgetary issues, such as the reform of the Stability and Growth Pact, while the other two new regulations deal with the identification and management of macroeconomic imbalances within the EU and the euro area.
The latter two proposals introduce new elements. The preventive aspect of these elements includes a regular assessment of the risk of imbalances based on a scoreboard of indicators, as well as in-depth country analyses. The corrective branch foresees proceedings against any euro area Member States that fail to comply properly with recommendations that concern them and accumulate excessive deficit, which can ultimately result in sanctions to be imposed in the form of annual penalty payments. The system for correcting imbalances must contain not only sanctions but incentives as well. Fines collected from defaulting Member States should be used to further the EU’s long-term investment and labour goals. I, too, gladly voted in favour of the report."@en1
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