France And The Stability And Growth Pact

EDM number 693 in 2002-03, proposed by Kelvin Hopkins on 07/02/2003.

That this House notes the admission on 4th February by French Finance Minister, Francis Mer, that the French Government budget deficit was 2.9 to 3 per cent. of GDP only one month after informing the European Commission that it was 2.8 per cent.; notes too in this context his comments that 'we are heading towards the wall, and the wall is not far away'; observes with interest that the Commission believes that France has already broken the Stability and Growth Pact limit, as well as comments by European Commissioner Pedro Solbes that France will be subject to the excessive deficit procedure if this is the case; expresses concern that at the same time the French Budget Minister has announced drastic cuts in the published health and education budgets in an effort to adhere to the Stability and Growth Pact; recalls the Commission statement in January that the Pact's deficit limits are 'untouchable'; and is alarmed that if Britain were to join the euro the Chancellor's vital increases in spending on public services would be put at risk.

This motion has been signed by a total of 28 MPs.