Wednesday, September 28, 2011

ALDE: 6-pack on economic governance is victory for financial stability and basis for growth

"The European Parliament today gave its final approval to the agreement reached two weeks ago with the Council on the six legislative acts on economic governance ('6 pack'), which improves on the existing framework for macroeconomic surveillance in Europe. Liberals and Democrats insisted throughout on the strengthening of the preventive arm of the Stability Pact as one of the essential elements of the package that will contribute to Europe regaining stability and growth.

Guy Verhofstadt, Leader of the Liberal group in the European Parliament, said "Today's victory is entirely due to the Liberals and Democrats insistence on establishing clear rules that impose more discipline through automatic sanctions. This will  discourage Member states from evading their responsibilities to each other to ensure stability of the euro zone. It is a response to the failure of Member States in the past to respect the rules they themselves had agreed upon".

Moreover, while calling for a quick implementation of the' 6 pack', Verhofstadt concluded: "The 6 pack is not the panacea to the current economic crisis but it is a vital building block in a future comprehensive framework for economic governance and growth in Europe"."

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