Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-278-000"
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"en.20110928.19.3-278-000"2
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"Coordination of the economic policies of the countries of the European Union as set out in the Treaty on the Functioning of the European Union should denote observance of the main principles aimed at stable prices, sound public finances and monetary conditions, and a sustainable balance of payments. The Stability and Growth Pact is based on the objective of sound government finances as a means of strengthening the conditions for price stability and strong sustainable growth underpinned by financial stability and conducive to creating employment. The common framework for the administration of economic governance must be improved in line with the high degree of integration between Member State economies within the European Union, and particularly in the euro area. The rules on financial discipline need to be strengthened. Implementing the existing excessive deficit procedure on the basis of both the deficit criterion and the debt criterion requires a numerical benchmark that takes into account the business cycle against which to assess whether the ratio of government debt to GDP is sufficiently diminishing and approaching the reference value at a satisfactory pace. References contained Regulation (EC) No 1467/97 should take account of the new Article numbering of the Treaty on the Functioning of the European Union and to the replacement of Council Regulation (EC) No 3625/93 by Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. I therefore believe that Regulation (EC) No 1467/97 should be amended accordingly."@en1
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