Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-221-000"
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"en.20110928.19.3-221-000"2
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"Coordinating the economic policies of Member States within the EU should entail compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. The Stability and Growth Pact is based on the objective of sound public finances as a means of strengthening the conditions for price stability and sustainable growth and leading to the creation of new jobs. The preventive part of the Stability and Growth Pact requires that Member States should achieve and maintain a medium-term budgetary objective and submit stability and convergence programmes to that effect. Adherence to the medium-term budgetary objective should allow Member States to have a safety margin with respect to the 3% of GDP reference value in order to ensure a rapid progress towards stability and to have room for budgetary manoeuvre, in particular taking into account the need for public investment. The obligation to achieve and maintain the medium-term budgetary objective needs to be put into operation through the specification of principles of prudent fiscal policy-making. In order to ensure compliance with the fiscal surveillance framework a specific enforcement mechanism should be established for cases where a persistent and significant deviation from prudent fiscal policy-making prevails. The recommendations of Regulation (EC) No 1466/97 must take into account the renumbering of the articles in the Treaty on the Functioning of the European Union, which is why I believe that the Regulation should be appropriately amended."@en1
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