"The only way out of the crisis is to control public finances. The measures we adopted today will strengthen the Stability and Growth Pact and improve surveillance mechanisms to prevent and correct macroeconomic imbalances. This is the condition to bring back growth in Europe", Mr Gauzès concluded.
The package of the six measures re-enforces the current Growth and Stability Pact. Responsible economic and budgetary policies can be assured by including the reverse voting system, both in the preventive arm of the Stability and Growth Pact as well as in the Macro Economic Surveillance. This strengthens the role of the European Commission both in the surveillance and in the sanctions procedure.
Corien Wortmann-Kool MEP, Rapporteur on the preventive arm of the package of six measures on economic governance, said: "The EU faces one of its worst economic crises. Some Member States are having huge problems balancing their national budgets. Financial markets are very unstable. In such a situation, we need a strong, united response to the problems. Financial markets need a predictable, strong and transparent European economic governance. The six legislative proposals provide for this. The Left's vote of today goes against much-needed rules and is not in the interest of the European citizens because we have to face and solve our problems in a convincing way."
Diogo Feio MEP, Rapporteur on the corrective arm of the package, said: "Firstly, this package is important to prevent eventual future crisis. Secondly, it starts putting together the idea of stability with growth in the European Union. Thirdly, we should bear in mind that Member States with sound public finances are the ones whose economy is growing."
Press release
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