16. Points out that in the light of new international circumstances due to the present financial crisis and the economic slump which has already begun to affect employment and growth in the euro area, rising deficits are difficult to avoid; suggests, therefore, that Member States make more targeted use of the flexibility provided by the SGP in order to encourage economic recovery and growth; draws attention to the budgetary implications of the current financial crisis, and calls on the Commission to evaluate the effects on Member States' public finances ...[+++] of the public funds used in the rescue plans for national financial institutions; calls on the Commission to examine the effects of the SGP criteria in the current context, when economic growth is slow and several Member States face the prospect of recession, and calls for an evaluation of the effects of the rising cost of credit on the public debt of Member States;

16. Points out that in the light of new international circumstances due to the present financial crisis and the economic slump which has already begun to affect employment and growth in the euro area, rising deficits are difficult to avoid; suggests, therefore, that Member States make more targeted use of the flexibility provided by the Stability and Growth Pact (SGP) in order to encourage economic recovery and growth; draws attention to the budgetary implications of the current financial crisis, and calls on the Commission to evaluate the effects on Member States' public ...[+++] class=yellow2> finances of the public funds used in the rescue plans for national financial institutions; calls on the Commission to examine the effects of the SGP criteria in the current context, when economic growth is slow and several Member States face the prospect of recession, and calls for an evaluation of the effects of the rising cost of credit on the public debt of Member States;

The Commission also suggests reinforcing the elements that contribute to the added value of cohesion policy: concentrating resources on investment, complying with the rules on the single market, placing the emphasis on job creation in new areas, contributing to partnership and good governance, and the leverage effect (as a result of co-financing rules that mobilise additional resources for new investment from national public and private resourc ...[+++]es).

The Commission has put forward three suggestions for revising the Stability and Growth Pact: clarifying and rendering operational the debt criterion, identifying country-specific medium-term budgetary objectives and defining the adjustment path in the excessive deficit procedure taking into account issues relating to the sustainability of public finances.

But an earlier Call for Proposals and an earlier decision by the Commission on what organisations to co-finance (as suggested in the survey) would, consequently, result in an earlier publication of the beneficiaries - more in line with the calendar year.

The Commission also suggests reinforcing the elements that contribute to the added value of cohesion policy: concentrating resources on investment, complying with the rules on the single market, placing the emphasis on job creation in new areas, contributing to partnership and good governance, and the leverage effect (as a result of co-financing rules that mobilise additional resources for new investment from national public and private resourc ...[+++]es).