Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-295-000"
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"en.20120613.24.3-295-000"2
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"The Treaty on the Functioning of the European Union requires that Member States regard their economic policies as a matter of common concern, that their budgetary policies be guided by the need for sound public finances, and that their economic policies do not risk jeopardising the proper functioning of Economic and Monetary Union. The Treaty allows the adoption of specific measures in the euro area which go beyond the provisions applicable to all Member States in order to ensure the proper functioning of the Economic and Monetary Union. Setting up a common budgetary timeline for Member States whose currency is the euro should better synchronise the key steps in the preparation of national budgets, thus contributing to the effectiveness of the European Semester for budgetary policy coordination. Biased and unrealistic macro-economic and budgetary forecasts can considerably hamper the effectiveness of budgetary planning and consequently impair commitment to budgetary discipline. By contrast, forecasts from independent bodies can provide unbiased and realistic macro-economic forecasts. At the same time, closer monitoring should ensure early correction of any deviations indicative of the excessive deficits of the Member States. I also believe that with a gradually enhanced monitoring procedure, it will be possible to contribute to better budgetary outcomes to the benefit of all Member States whose currency is the euro."@en1
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