Full text: Die makroökonomische Politik und die Lissabon-Strategie der EU (80)

• Proeyclieal developments should be avoided at all stages of the eeonomie eycle. • In reeognition of the fact that investment is an important faetor in improving competitiveness, aehieving growth and stabilising the eycle, finaneial ruIes eould be applied that would allow publie see- tor borrowing to the extcnt of publie sector investment ovcr the course of the eycle without endangering stability over thc long term. Open issues arising from this (such as definitions and clari- fications) would have to be resolved quickly. . • International and national situations, as weIl as regional eonditions, should be taken into aeeount when defining medium-term budget targets or instituting diseiplinary proeedures for exeessive dcficits, without, however, permitting a relaxation of budgetary diseiplinc. • More timely measures to eorreet budgetary failures should be en- sured, and peer pressure on member states should bc inereased, so as to prevent assymetrieal budgetary polieies. The European Com- mission should have an early warning meehanism that comes ioto operation as soon the sustainability of a member state's budget is reeognisably endangered. • In drawing up the details of their national budgets as required by the Stability and Growth Paet, and in balaneing them across the overall eeonomie eyele, the member states should align them to the eommon eeonomie poliey goals of the EU - bearing in mi nd glob- al eompetition, the aging of soeiety and EU enlargement. • Moreover, the individual eomponents of the EU budget should be aligned more closely to the targets of the Lisbon Strategy and thus ereate more growth and employment. This suggested framework for fiseal poliey ereates seope for action through budgetary measures that allow a flexible response to different eeonomie situations. But in itself it eannot solve all the problems. Even the best budgetary controls in a eurreney area are no substitute for se- rious co-ordination of a maeroeeonomie poliey foeused upon growth and stabilising the economie eycle. Thus, other deeision-makers in eeo- nomie poliey - above all, the independent ECB - are ealled upon to make their eontributions to the eommon eeonomie goal. Monetary Policy Monetary poliey, too, earries a responsibility towards the develop- meot of the real economy. Thus it would be sensible to require the ECB to adhere to a broader stability target that foeuses more closely upon growth and employmeot. Proposals to create a more transparent and understandable monetary poliey in the eurreney union are: 10

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