Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-279-000"
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"en.20110928.19.3-279-000"2
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"This regulation sets out the recommendations, warnings and ultimately the fines for the Member States of the euro area which do not keep to the rules of the Stability and Growth Pact of a 3 percent deficit and 60 percent debt. The thrust of the regulation is the same as that of the report on the preventive instrument of the Pact (Wortmann-Kool), which is why it has the same shortcomings. It means that the objectives of long-term growth, modernisation and sustainability will be subordinated to short-term budgetary and market pressures. The regulation is based on a politically skewed concept of budgetary consolidation which prefers cuts in spending over increasing budgetary revenue. This contributes towards dismantling the State and that is why I voted against."@en1
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