Federal Foreign Minister Guido Westerwelle issued the following statement today on the proposals presented by the European Commission on reforming the Stability Pact:
“The European Commission today presented far-reaching and concrete proposals on how to strengthen the Stability and Growth Pact and how we can better coordinate economic policy.
I voice my clear support of the Commission’s proposal to tighten up the Stability Pact. We need a system of automatic financial sanctions that kicks in before it is too late and that cannot be politically undermined.
Only if the member states know what consequences will follow if they fail to do justice to their responsibility for stability will they take care to change their approach and maintain solid budgets.”