Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-275-093"

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"en.20110928.19.3-275-093"2
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"The current crisis shows that the Member States in the euro area will no longer be able to live beyond their means. I therefore voted in favour of the report by Mr Feio, because it is high time that Member States faced up to their responsibilities. The European Union, as part of the ‘economic governance package’, is now calling on Member States to correct their excessive deficits quickly. In order to do so, the Union, in the aforementioned report, has laid out a detailed procedure to be followed. This procedure will afford the European Union enhanced rights in examining a Member State’s deficit and debt. The aim of this is to get a Member State’s finances back on track more quickly. The European Commission will now be able to act much more quickly and exert greater pressure by increasing the number of visits it makes. It will be possible to impose a fine on any Member State that does not meet its commitments, and the sum levied will go to the European Financial Stability Facility and then the European Stability Mechanism which is due to replace it in 2013."@en1

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