Economy & Finance

Economy


We believe that the economy must always serve society, and not the other way round. Since the beginning of the crisis we have been fighting for investment in jobs, growth inducing sectors and people – and in particular youth – as a crucial element to bring about a sustainable economic recovery. The fight is far from over, but we have managed to bring about a shift in European policy, bringing the EU slowly back on track.

We coordinate our strategy with our parties, with our prime ministers and economy & finance ministers to define and put into practice an ambitious, comprehensive and coordinated economic strategy to boost investment and prioritise economic growth and jobs. 

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Economic and Monetary Union (EMU)

The deepening of the EMU is an issue that will affect all of us. This project touches upon the social, economic, financial and democratic policies that are carried out in Europe. As socialists and democrats, we want to ensure that this project adheres to our principles and promotes sustainable economic growth, creates a true social union and ensures full democratic accountability and credibility. Our main objective is to strengthen economic and social convergence throughout Europe, to strengthen social rights, to implement fair fiscal policy, to ensure economic growth.

To achieve this the PES have called for a bold social union that respects workers’ rights, a credible banking union that promotes financial stability and protects citizens from financial shocks, a strong economic union that promotes growth inducing investments, ensures redistributive fiscal policy and tackles tax evasion. We need a genuine democratic union that bridges the gap between people and Europe and reinvigorates their trust in the European integration. For more information with regards to our positions on the deepening of the EMU please see the PES Presidency Declaration and the High Level Working Group conclusions.

 

Fight against tax avoidance

The implementation of fair and redistributive fiscal policy is an issue that the PES has been actively pursuing through encouraging deeper coordination on tax matters between Member states. Our party has been at the forefront of this battle, calling for the automatic exchange of tax related information between tax authorities across Europe, for companies to pay their taxes in each country they operate in and for closing down tax havens.

The main objectives are to tackle aggressive tax planning and money laundering, and to increase tax transparency. The PES has been calling for a set of stronger reporting obligations and a sanctioning framework to effectively put an end to these immoral practices. Our conviction is to invest the money lost due to tax evading practices into the real economy.

 

Financial Transaction Tax

The PES has been calling for the introduction of a Financial Transaction Tax (FTT) since 2010. The tax aims at strengthening financial regulation, addressing financial speculation and making the financial sector pay its fair share for causing the crisis.

The FTT is a tax levied on all financial product transactions- every time a financial product is bought or sold, a very small proportion of its price is collected.