Strasbourg, 12. 6. 2012

Budget deficits and excessive debt burdens are indirectly causing countries and companies having to pay ever higher interest rates for their loans. Every percentage point increase in interest translates to a loss in competitiveness, business, and thus jobs.

The twin agreements to rein in spending across the EU should be considered as Health for Growth – better prevention and awareness of the importance of financial discipline. A healthy budget is one that has its deficit under control and its borrowing limited. Only this way can competitiveness, growth and new jobs be created. As a person’s good health is necessary to achieve his or her goals, so too is budgetary health.

The agreements were already needed yesterday to create a better tomorrow. Especially for the younger generation, who should not have an infinite debt burden imposed upon them, nor an environment without jobs. It is true that the Commission could have had better monitoring in place in the past. From this, lessons need to be learned.

The crisis will not go away by itself. It is not just European, but has spread like wildfire across the globe. To tackle it, the focus cannot be placed only on areas worst affected. This is why we will vote in Parliament to create an additional mechanism, the so-called twins, which will systematically aid in healing sick budgets.

Our responsibility lies in supporting a healthy future for Europe.