Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-249-500"
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"en.20110928.19.3-249-500"2
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".
I voted against the report on the proposal for a regulation on the effective enforcement of budgetary surveillance in the euro area because the whole economic governance package only introduces austerity measures and does not give Member States the chance to invest in economic growth and job creation measures.
The Commission should play a more important coordination role in the enhanced surveillance procedures. However, I think that we cannot stipulate in the text of a regulation that countries in a weaker economic or budgetary position should pay a premium/higher interest rate or be entitled to borrow a lower proportion of GDP in Eurosecurities.
Furthermore, I think that making a Member State with an excessive deficit lodge a non-interest-bearing deposit amounting to 0.2% of GDP or even imposing a fine of 0.2% of GDP on a Member State with an excessive deficit, where the Council considers that this state has not taken effective action in response to its recommendations within the stipulated period, are merely extremely harsh austerity measures which will not foster economic growth and job creation in that Member State."@en1
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