Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-275-250"
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"en.20110928.19.3-275-250"2
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"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 for strong sustainable growth underpinned by financial stability and conducive to employment creation. In my opinion, the rules on budgetary discipline should be strengthened in particular by giving a more prominent role to the level and evolution of debt and overall sustainability. Establishment of the existence of an excessive deficit based on the deficit criterion and the steps leading to it should not, in my opinion, focus exclusively on non-compliance with the recommended numerical values, but should always take into account all the key factors covered by the Commission report under Article 126(3) of the Treaty. The Commission report under Article 126(3) of the Treaty should give appropriate consideration to the quality of the national fiscal framework, as it plays a crucial role in supporting fiscal consolidation and sustainable public finances. In order to support the monitoring of compliance with Council recommendations and notices for the correction of situations of excessive deficit, there is, in my view, a need that these specify annual budgetary targets consistent with the required fiscal improvement in cyclically adjusted terms, net of one-offs and other temporary measures."@en1
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