Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-283-750"
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"en.20110928.19.3-283-750"2
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".
I voted against the report on the implementation of the excessive deficit procedure because the economic governance package only introduces austerity measures and does not give Member States the chance to invest in economic growth and job creation measures.
The aim of the excessive budget deficit procedure is to prevent excessive public deficits and boost their correction. Compliance with budgetary discipline is examined on the basis of the public deficit and public debt criteria. The Council decides whether there is an excessive deficit within two months and makes recommendations to the relevant Member State. The Council recommendation sets a deadline of six months for the relevant Member State to take specific action and a deadline for correcting the excessive deficit, which must be achieved within the year after it was identified. The Council requests the Member State to achieve annual budgetary targets which allow a deficit reduction of at least 0.5% of GDP as a benchmark, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
I think that these austerity measures limit the flexibility of Member States to devise their own set of measures to provide economic and social development and, by extension, help reduce the excessive deficit in the medium and long term."@en1
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