One feature of being an MEP is the amount of time spent travelling around. Sometimes it feels like one is in a constant state of motion, from one meeting to another, in multiple countries, sometimes across different time zones. Though exhausting, this amount of travelling does allow me time to read, which time would otherwise be hard to come by.

I had the opportunity to read through the first edition of Queries, the new European magazine launched by the Foundation for European Progressive Studies (FEPS). It’s an interesting initiative which I would recommend to all those interested in the political developments of the European project.

Among the articles of interest in Queries I found myself reflecting on one opinion piece penned by Malcolm Sawyer, professor emeritus of economics at the University of Leeds, bearing the title The Fiscal Suicide Pact.

In his piece, Sawyer contends that the very strict rules imposed by the Stability and Growth Pact and the overall objective for a balanced structural budget and the associated excessive deficit procedure meted out to those member states that fall short of meeting the set targets is nothing short of a fiscal suicide pact.

Though not an economist myself, I am inclined to agree with Sawyer when he argues that the imposition of a one-size-fits-all approach disregards the wide macro-economic differences between member countries.

Indeed, Sawyer questions the rationale behind the imposition of the rigid debt to GDP ratio of 60 per cent contending that there is little evidence supporting the notion that the same budget deficit would be appropriate for all countries within the eurozone.

In my opinion, particularly given the tough economic times Europe and the eurozone are going through, we need to pause and reflect upon Sawyer’s ultimate warning that through the imposition of the strict fiscal compact rules and, in particular, the implementation of the excessive deficit procedure, deflationary pressures are being created in the European economy.

Looking at the reality on the ground and taking the wider European perspective, I cannot but reflect that by adopting the rigid bottom line approach, disregarding the socio-economic impact that the stringent artificial fiscal rules are bringing about, the European states risk failing their people in the very task they were entrusted with.

People risk seeing Europe as being the problem rather than the solution

With millions of people living in poverty, with unemployment levels on the rise and with governments whose only solution to the crisis seems to be more and more austerity measures, it is no wonder that the European citizens are losing their trust in the European project.

If the status quo prevails, there is a real risk that, in the years ahead, people see Europe as being the problem rather than the solution.

It is up to the member states to rise to the occasion. Unless they want to turn back the clock to the darkest days of European history, European member states really need to acknowledge that there is a big and deep problem that requires an immediate consolidated response.

Doing nothing is no longer an option.

Claudette Abela Baldacchino is a Labour MEP.