Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-262-406"
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"en.20110928.19.3-262-406"2
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"In my opinion, coordination of the economic policies of EU Member States, as laid down by the Treaty, should encompass compliance with the main principles, which include stable prices, healthy public finances and currency conditions and a sustainable balance of payments. It is appropriate to supplement the multilateral surveillance referred to in Article 121(3) and (4) of the Treaty with specific rules for the detection, prevention and correction of macroeconomic imbalances. I agree that this approach will depend on an early warning mechanism which will detect emerging macroeconomic imbalances early on and will be based on the use of a transparent guidance scoreboard, in combination with economic judgment. The procedure for monitoring and correcting unfavourable macroeconomic imbalances with preventative and corrective measures requires stronger control instruments based on the approach employed in the multilateral surveillance procedure. It may involve, for example, an enhanced control mission implemented by the Commission in the Member States and the submission of further reports by Member States in the event of a serious imbalance or imbalances jeopardising the proper functioning of economic and monetary union."@en1
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