Unfortunately, Slovenia is now amongst those European states that have seen their debt rapidly increase for several years. In the last three years, Slovenia has borrowed more than seven billion euros. With each passing year, the financial situation worsens and very soon it could become completely untenable. We therefore have to end this very dangerous trend as soon as possible.

Irrespective of political affiliation, we in Slovenia need to understand that the first step to recovering our country is the sustainability of public finances.

Many countries in the European Union, some much bigger than Slovenia, have already understood this basic economic principle. Italy, Spain, Ireland and other countries have taken measures to stabilize their public finances and to allow for growth, investment and new jobs.

The fiscal compact is not an edict fromBrussels, but the result of an agreement between EU Member State governments on a common rule based on best practice from across Europe. The legally binding fiscal rule will ensure that no government, not from the left nor the right, will be able to lead Slovenia into a situation in which it is today.

We members of the largest parliamentary group in the European Parliament, the EPP, therefore decided to highlight the seriousness of the situation in which Slovenia finds itself.

EPP members are Dr. Milan Zver, Dr. Romana Jordan, Zofija Mazej Kukovič and Lojze Peterle.