Proposal for a regulation
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The European Parliament rejects the Commission proposal; Urges the European Commission to present a new proposal in which it repeals the Stability and Growth Pact and the related instruments of economic governance and replace it with a Pact for Social Progress and Employment which: (i) Respects the sovereignty of each state, ensuring the conditions for its economic and social development, for overcoming structural deficits, for improving productive capacity; (ii) Promotes the realisation of the principles of economic, social and territorial cohesion; (iii) Fights unemployment and aims for full employment, promotes the defence and strengthening of workers' rights and other social rights, the defence and promotion of collective bargaining as well as the eradication of precariousness; (iv) Promotes the defence and strengthening of public services and the social functions of states, namely access to the right to health, education, housing and social security.