Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-14-Speech-3-072-000"
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"en.20111214.6.3-072-000"2
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"Madam President, now that the legislation for reinforced economic governance, the ‘six-pack’, has entered into force – which it did yesterday – we must hasten its implementation. On the fiscal side, this is already a work in rapid and serious progress. On the macro side, we need to move on as well. I therefore welcome your draft resolution on the envisaged design of the scoreboard for the surveillance of macro-economic imbalances as well as your oral question, which in fact consists of nine questions, to which I shall try to respond in my remaining two minutes and seven seconds.
Following your resolution tomorrow, and as the Commission received the views of the Council and the European Systemic Risk Board respectively in November, we can now finalise the design of the scoreboard without any further delay, and in full compliance with democratic principles.
The final scoreboard will become part of the alert mechanism report, which is currently scheduled for adoption by mid-January. It will be discussed in Ecofin and the Euro Group in January/February. Taking due account of these discussions, the Commission will launch in-depth reviews of the Member States for which they are needed. These in-depth reviews will analyse macro-economic imbalances and provide the basis for any recommendations to be addressed to Member States.
Let me underline the key difference between fiscal and macro-economic surveillance, and between the Excessive Deficit Procedure and the Excessive Imbalance Procedure: both are preventive, but macro-economic surveillance is even more preventive than fiscal surveillance and, as such, is necessary for economic stability and fiscal sustainability. This we have seen, for instance, in the cases of Ireland or Spain, both of which had sound public finances prior to the crisis. Once the crisis hit with its full force, however, their serious macro-economic imbalances led to a very serious fiscal crisis which then turned into a recession in the real economy and led to high unemployment, with very serious social and human consequences. Moreover, while fiscal surveillance is highly numerical and quantifiable, macro-economic surveillance requires a thorough economic reading and is much more qualitative.
This means that, when we propose countries for an in-depth study, it will not imply that they face an imminent crisis. Instead, it means that for these countries, there is a risk of imbalances which, if confirmed, would clearly need to be addressed effectively. In other words, it serves as an essential early-warning system and a strong call for pre-emptive action to correct the build up of those imbalances.
This brings me to the further aspects of your oral question, especially the regulation’s equal application to all Member States. The assessment of Member States’ current account balances is an essential element of the economic analysis of the alert mechanism report. The Commission stands fully by its declaration to the European Parliament on 28 September, stating that ‘macro-economic surveillance covers countries with current account deficits and surpluses with appropriate differentiation as regards the urgency of policy responses and the type of corrective actions required’.
To conclude, let me also recall that all 27 Member States will be subject to surveillance. Thus, all Member States will benefit from its findings, both on their own account and jointly for the common good of the European Union. I am certain that the United Kingdom will also want to participate in this work; we, for our part, want to – and indeed will – involve each and every Member State of the European Union. The regulation applies to all and we continue to work for the benefit of each and every Member State and the whole European Union, even though that sometimes seems to be forgotten in the midst of the most heated debates of the day."@en1
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