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Hökmark welcomes proposals for EU’s deficit problems

logoEppNewIn view of today’s proposals from the European Commission on how to address EU’s deficit problems, the co-chair of the EPP working group on Economic Policy Gunnar Hökmark MEP (Sweden) welcomed the proposals:

 “I welcome the European Commission’s proposal for tough new rules against Member States that fail to cut debt and deficits level. Unless concrete measures to bring down public deficits are enforced now, macro economic instability and public deficits will continue to threaten jobs and welfare systems across Europe.

Broadening of economic surveillance and strengthening the Stability and Growth Pact (SGP) must stand at the heart of our efforts to return to stable public finances. The SGP must be complemented with rules on surplus in good economic times and unacceptable deficits must lead to the reduction of European funding corresponding to the same amount,” Hökmark underlined.

“Budgetary scrutiny at EU level, referred to as the ‘European Semester’ should first of all focus on Member States breaching the existing rules. Country specific recommendations issued by the Commission should be accompanied by clear sanctions and incentives. There will be no economic growth unless Europe rapidly returns to long term sustainable public finances.  Action to bring down public deficits in order to restore confidence in European economies and the Euro therefore must stand at the top of our agenda,” Hökmark concluded.

Note to editors:

The EPP is the largest and most influential European-level political party of the centre-right, which currently includes 73 member-parties from 39 countries, the Presidents of the Commission, Council, and Parliament, 15 EU and 6 non-EU heads of state and government, 13 members of the European Commission and the largest Group in the European Parliament.