”The Socialist way forward with lax rules and irresponsible economic policies would increase public deficits in Greece Portugal, Spain and Great Britain. Such a careless approach would lead to a debt spiral where high public deficits and interest rates squeeze out opportunities in the European economy and further worsens Europe’s economical and financial crisis”, said Gunnar Hökmark MEP, Shadow Rapporteur and Vice-Chairman of the EPP Group in the European Parliament.
Fortunately, the Socialist way was voted down and the ECON Committee instead supported the EPP Group position saying that long-term stability of public finances is an indispensable prerequisite in protecting growth and prosperity in Europe. There is now a clear mandate to address public deficits with a sense of urgency as soon as possible. ”This is good news not only for Europe but also for the credibility of the Euro”, said Hökmark.
”Today’s vote also illustrated that the EPP Group wholeheartedly supports Greece and other countries’ reform of their public finances”, concluded Hökmark.