Members of the Riigikogu at conference on economic governance: EU debt burden must be reduced

Chair of the Finance Committee Annely Akkermann said in her speech that Estonia supported the coordination of the economic and fiscal policies of the EU countries through equal and clear rules. “We want to see the debt burden reduced and the deficit remain under three percent of GDP, with an exception for the increase in defence spending in the current security situation. The backbone of inflation has been broken, but it is still slightly above the preferred level. Keeping inflation in check is a coin with the Central Bank’s policy of increasing interest rates on one side and the moderation of countries in increasing expenditure on the other,” Akkerman explained.

She added that countries may have different problems but they all had common aims. “We want to keep the prices stable, to make our economies more modern and sustainable, to protect our nations against aggression. The countries of Europe need to agree upon fiscal policy. We have a common market of goods, labour and capital. We must also have common budget rules.”

Deputy Chair of the European Union Affairs Committee Maria Jufereva-Skuratovski underlined in her speech that due to the recent health care, energy and security crises the public debt of the euro area countries had increased and the inflation continued to be unsustainably high. “The next steps in economic and monetary policy must ensure the competitiveness of the European Union economy, key investments and long-term sustainability,” said Jufereva-Skuratovski, and pointed out that it was important to ensure that the European Union’s debt was reduced. She added that reserve capacities were needed to ensure energy security and emphasised that in Estonia, for example, the possibility of using oil shale should therefore be retained.

Jufereva-Skuratovski spoke at the first session of the Conference that was dedicated to the challenges of government and the economic recovery of the European Union in the international context. Akkerman spoke at the session that focused on the architecture of the new governance. More specific topics of the session were medium-term economic and budget plans, indicators of state budget net expenditure increase, as well as sustainability of debt and fiscal prudence within the framework of the economic and monetary union. Tomorrow, it is planned to hold two more sessions. Integration of the social dimension in economic governance will be discussed at the first session and open strategic autonomy at the second.

The purpose of the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance is to develop the cooperation of parliaments within the framework of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The Conference was established in 2013 at the Conference of Speakers of the European Union Parliaments (EUSC).

Riigikogu Press Service
Merilin Kruuse
+372 631 6592; +372 510 6179
merilin.kruuse@riigikogu.ee
Questions: press@riigikogu.ee

Gunnar Paal
+372 631 6351, +372 5190 2837
gunnar.paal@riigikogu.ee
Questions: press@riigikogu.ee

Link uudisele: Members of the Riigikogu at conference on economic governance: EU debt burden must be reduced

Source: Parliament of Estonia