PES Finance Ministers call for a progressive, growth-friendly and democratic Economic and Monetary Union

07/11/2017

Ecofin meeting

Finance ministers from the Party of European Socialists met today to discuss measures for ensuring that the deepening of the Economic and Monetary Union promotes sustainable economic growth, employment and financial stability.

The Ministers took stock of the Eurogroup discussion on completing the banking union and highlighted the need for the Union to stand ready, in solidarity, to tackle financial and economic shocks.

Italian Finance Minister Pier Carlo Padoan said:

"The Economic and Monetary Union offers the framework for best tackling today’s inequalities and promoting more fair and equal societies, between member states and within member states. Economic policies need to be coordinated in a more balanced way to benefit an increasing number of European citizens.

"It is essential to ensure people's wellbeing. That means also doing more to protect them from possible financial shocks. The discussion on having an extra financial guarantee for addressing bank failures is very important towards this end. But more needs to be done to safeguard citizens deposits and to create a solidarity mechanism that will promote economic growth, investment and ensure the sustainability of our social model."

Also in attendance were:

  • Edward Scicluna, Finance Minister, Malta
  • Jeroen Dijsselbloem, Finance Minister, The Netherlands
  • Mario Centeno, Finance Minister, Portugal
  • Peter Kazimir, Finance Minister, Slovakia
  • Magdalena Andersson, Finance Minister, Sweden
  • Karolina Ekholm, State Secretary at the Ministry of Finance, Sweden
  • Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, European Commission
  • Maria Joao Rodrigues, Vice President of the S&D Group in the European Parliament
  • Udo Bullmann, Vice President of the S&D Group in the Eurpean Parliament
  • Roberto Gualtieri, Chair of the ECON Committee in the Europoean Parliament
  • Pervenche Beres, S&D Coordinator for the ECON Committee in the European Parliament
  • Yonnec Polet, Deputy Secretary General, PES
  • George Houliarakis, Finance Minister, Greece (observer)