Calling Commission and Council plans to beef up sanctions on countries with large deficits "unworkable in the past and unworkable in the future" GUE/NGL President Lothar Bisky called for a fundamental reform of the Stability and Growth Pact in today's European Parliament debate on EU economic governance.

"The economic crisis demands bold and far-reaching reforms. The big economies must also desist from their aggressive export strategies and do more to strengthen their domestic demand" said Bisky, adding that proper controls on unemployment and poverty rates should become part of the Stability and Growth Pact criteria.

Speaking on financial supervision in the EU, German MEP Thomas Händel said that while lip service was in great supply when it came to the regulation of financial markets, the deficiency of concrete action was remarkable.

"We sought strict financial market supervision in the face of major resistance. The proposals have been so diluted that what's currently on the table cannot beget effective regulation of financial markets - the next crisis is therefore imminent and people will face further scandalous attacks on their living standards."

GUE/NGL PRESS:

Sonja Giese (DE) + 32 486 94 50 21

Gianfranco Battistini + 32 475 64 66 28

David Lundy + 32 485 50 58 12

www.guengl.eu

Gauche Unitaire Européenne / Gauche Verte Nordique

European United Left / Nordic Green Left