PES president: Eurozone needs new tools to better respond to economic shocks


Voting in the European Parliament

The Party of European Socialists welcomes today's report on the eurozone's budgetary capacity, adopted by the European Parliament.

The measures in the report aim to stabilize the euro area by supporting social and economic convergence and responding to economic shocks.

We welcome this document, which reflects our Party’s long-standing commitment to sustainable welfare states and healthy levels of investment.

Sergei Stanishev, PES President, commented:

"I would like to congratulate Pervenche Berès, our S&D co-rapporteur and the chair of our Social Europe Network, for this extremely valuable report.

"Our party has long advocated a Eurozone fiscal capacity. We believe the economic and monetary union needs much stronger instruments to tackle various shocks, ensure that our economies are well-balanced and make governance of the Eurozone more democratically accountable.

"The economic crisis has clearly revealed all the shortcomings of the Eurozone architecture. This report sets out an ambitious roadmap for overcoming the most pressing issues, without jeopardising other important policies.

"Now it's the Commission's turn to develop concrete measures to trigger upward social and economic convergence and safeguard labour market stability across the euro area."