Although De Lange fills her mouth with Christian values and Marques rails against pro-cyclical effects, the watchword remains only one: austerity! Indeed, in their proposal, there is no trace of the decoupling of investments in defense and ecological transition from the calculation of member states’ public debts. It is as if chaos inside and outside Europe’s borders is nonexistent. So much for the pro-Europeans

On Tuesday 7 November, Esther de Lange (EPP, Dutch) and Margarida Marques (S&D, Portuguese) showed their initial report on changing the ‘preventive’ section of the Stability and Growth Pact to the European Parliament’s Committee on Economic and Monetary Affairs.

“We support the logic” behind the laws suggested, announced Ms de Lange, “We want an economic governance that is more country-specific within an EU framework”. To make sure that the rules are accepted, countries must show their budget plans for the next few years before talking to the European Commission. The Commission has the power to make the final decision.

The Christian Democrat proposed maintaining a stable public debt to GDP ratio based on quantitative safety measures. This should be done throughout the implementation period of multi-annual programmes, which will be drafted by Member States to outline their budgetary, investment, and reform policies. Subsequently, a new requirement is to reduce public debt by an average of x% of GDP over a ten-year time frame following the multiannual programme. "We still need to agree on the number that will replace the ‘x’" said Ms de Lange.

The two co-rapporteurs back the notion of making European fiscal regulations simpler by concentrating monitoring on a sole criterion established on net expenses. This is to steer the State’s public finances towards a commendable route to cut down debt.

The MEPs recommend that the public deficit computation shouldn't take into consideration national co-financing for EU budget-supporting programs and interests from loans obtained through the Next Generation EU revival plan.

Ms Marques supported regulations that aid in consolidating public finances while not being pro-cyclical, and allowing the ability to deviate temporarily from the established course in the event of a crisis. In front of a small audience, Billy Kelleher (Renew Europe, Irish) underlined the significance of the 'corrective' aspect of the Pact, which should serve as an adequate deterrent against a nation requiring a financial rescue in the future, like Ireland. He proposed changes to allow flexibility in absorbing shocks and restarting the economy after a crisis.

Antonio Rinaldi (Identity and Democracy, Italian) also supports the flexibility aspect. He praised the draft 'de Lange/Marques' report that monitors net expenditure and Member States' compliance with future rules.Speaking for The Left, Portugal's José Gusmão slammed a legislative package that, according to him, replicates the logic of macroeconomic rescue plans that numerous southern European nations were forced to follow during the eurozone's sovereign debt crisis.

He demanded consistent regulations that honoured the respect of national democracies and criticized the absence of any mention to social and environmental goals. Supporting the use of numeric standards to alleviate national debt, Enikő Győri (NI, Hungarian) objected to the delegation of additional authorities to the European Parliament to avoid interference with the Commission's jurisdiction.

Compromised changes to the present written draft will be voted on by the parliamentary committee in early December. The European Parliament will then set its negotiating position during its plenary session on Monday 11 December. Ms de Lange provided this information.