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Stability And Growth Pact

Volume 405: debated on Thursday 15 May 2003

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To ask the Chancellor of the Exchequer what assessment he has made of recent reforms to the Stability and Growth Pact. [114102]

The Government are committed to publishing a comprehensive and rigorous assessment of the five tests within two years of the start of this Parliament. A number of detailed supporting studies will be published alongside the assessment. As set out in the 6 September 2002 'Paper for the Treasury Select Committee on the Treasury's Approach to the Preliminary and Technical Work', a supporting study will be published on "The robustness of the arrangements for macroeconomic stability—including the Stability and Growth Pact—and their contribution to overall economic performance".We continue to discuss with our EU colleagues our support for a prudent interpretation of the SGP, which takes into account the economic cycle, sustainability and the important role of public investment.