Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-252-250"
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"en.20110928.19.3-252-250"2
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"The euro area needs now more than ever the confidence of the financial markets. To achieve this, we need to adopt measures which make Member States keep to the commitments they made through the Stability and Growth Pact. As we have seen from previous experience, Member States have failed to impose budgetary discipline effectively, thereby contributing to the public debt crisis which has had a severe impact on the credibility of the single currency.
Reliable statistics are needed to provide effective surveillance and detect macroeconomic imbalances in time. Having the option to impose fines if false macroeconomic data is submitted, especially when the intention is to hide the fact that the targets provided for in the Stability and Growth Pact have been exceeded, will discourage unfair practices.
Just as in the case of the other legislative package reports, a sterling contribution is made to the implementation of the measures for adjusting excessive macroeconomic imbalances by having the option to adopt sanctions by reversed qualified majority and publicising the Council’s deliberations on sanctions. This will help avoid vague agreements between Member States, which result in leniency when imposing sanctions and end up triggering crises like the one we are going through at the moment."@en1
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