9
May
2023
Watch
Revision of the Stability and Growth Pact (debate)
Mr President, Commissioner, the EU has known the SGP since 1997. These are fiscal rules to ensure that EU countries do not spend too much money and do not incur too much debt. That's important. The housekeeping book needs to be in order. Too many Member States spend too much money and are over-indebted. Too much is never good. New rules, as proposed by the Commission, will – I am afraid – not change that. There will always be situations that make it tempting for politicians to borrow again and spend even more money. Moreover, this irresponsible behaviour of officials and politicians remains without any consequences. The EU imposes laws and regulations on banks and businesses, but the EU itself is fooling around with rules. And so the Stability and Growth Pact, as the SGP is called in full, remains a paper tiger. The only way to deal with debt: make the responsible heads of government personally accountable. Practise what you preach.