Je možné reformovat Pakt stability?

Evropská komise nedávno navrhla významné změny toho, jak by se měl uplatňovat Pakt stability a růstu (PSR). Tyto a další návrhy, jež předložily členské státy, teď posuzuje Komise a ECOFIN (výbor ministrů financí eurozóny). Rozhodnutí se očekává v první půli roku 2005, avšak jak bude Pakt pozměněn, zůstává nejisté.

Nezbytnost reformy je očividná: vzhledem k tomu, že v posledních letech jsou v eurozóně za 75-80% agregátních rozpočtových deficitů odpovědné strukturální faktory, strop národních rozpočtových schodků nastavený Paktem na 3% HDP je od roku 2002 opakovaně porušován. Menší členské státy, zejména Finsko a Irsko (a také Španělsko), a dva státy nezapojené do eurozóny, Dánsko a Švédsko, přilnuly k principu fiskální rovnováhy či malých – byť mizejících – přebytků. Největší členské státy Evropské unie, včetně Velké Británie, Francie a Německa, však nebyly schopné nebo ochotné hrát podle pravidel.

Francie a Německo v listopadu 2003 jen stěží unikly finančním sankcím za porušování Paktu. Přestože Evropský soudní dvůr později prohlásil rozhodnutí za neplatné, bezvýchodná situace trvá. Musí se proto změnit buď fiskální chování, nebo pravidla Paktu.

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