Financial & economic network calls to strengthen EMU

31/01/2018

Financial and Economic Network 31 January 2018

Financial and economic experts from PES member parties, the S&D Group of the European Parliament, trade unions and civil society, met today to discuss policies for the deepening of the Economic and Monetary Union.

The chair of the meeting, S&D Group Vice-President Maria João Rodrigues, said afterward:

‘We have agreed to a strong set of common positions for the reform of the Eurozone. There is a widespread feeling that the Eurozone’s economic governance needs to change across a whole range of areas if it is to be an effective basis for supporting growth, solidarity, and upward social and economic convergence. We need much more Euro-level action to tackle the persistent problems of low investment and low wage growth in our economies, to properly prepare for future crises, and to provide for more European public goods.’

‘The Eurozone needs to break out of the fragmented national fiscal policies that are undermining its economic performance, and instead have a common macroeconomic approach for the currency union as a whole. This should include expanding demand and boosting wages in countries with large trade surpluses.’

‘It is also extremely important to find the right balance between social and economic policies. No more should economic freedoms override social rights. Creating a Pillar of Social Rights is very important for striking the right policy mix in the Eurozone.’

'There was a strong sentiment at the meeting that no delay can be allowed in acting on these matters. We only have a short window of opportunity to implement a meaningful deepening of the Eurozone between now and June, and resolution of these issues cannot be allowed to drift further than that. This is an opportunity that cannot be allowed to let slip.’

 

Participants

Mercedes Bresso, MEP, S&D
Georgi Pirinski, MEP, S&D
Christophe Rouillon, First Vice-President of the PES Group, Committee of the Regions
Clayton Bartolo, MP, LP Malta
Conny Reuter, Secretary-General, Solidar
Yonnec Polet, Deputy Secretary-General, PES
Olivier Body, Adviser on Economy and Protection of the Consumer, PS Belgium
Stefan Gran, Head of EU Liaison Office, DGB
Matthieu Meaulle, Adviser, ETUC
Sotiria Theodoropoulou, Senior Researcher, ETUI
Jos Bertrand, President, ESO