Lord Newby
That this House takes note of European Union Documents No. 16669/12 relating to the Annual Growth Survey 2013, and No. 16671/12 relating to the Alert Mechanism Report 2013; supports the five key priorities of the 2013 Annual Growth Survey which are in line with the Government’s domestic growth agenda; supports the Government’s view that it is important to focus on implementation of existing reform commitments; agrees that European Union Member States should continue on the path of growth-friendly fiscal consolidation and increasing competitiveness to support growth and jobs; supports the Alert Mechanism Report and the Macroeconomic Imbalances Procedure as a means of strengthening European economic governance, particularly in the euro area; and supports the Government’s view that is it is right for euro area countries to be subject to more binding surveillance of macro-economic imbalances, with the prospect of sanctions for failing to take corrective action.