"Austerity Alone Won't Resolve The Eurozone Crisis", Warn S&D Euro MPs

After today’s European Parliament vote on reform of the eurozone – the so-called six-pack – the S&D group’s vice-president Stephen Hughes and its economic and monetary affairs spokesman Udo Bullmann said in a joint statement:

“The European Parliament has today approved a eurozone reform that will have drastic consequences for Europe and its citizens. Our group rejected most of the proposals negotiated by the conservatives and liberals who form a majority in both the Council and the European Parliament.

“We rejected the deal because we believe there is a better way out of the crisis. The reform is an austerity pack based on cuts and sanctions that leaves no room for manoeuvre for smart spending and targeted investment.

“This will make things worse for the European economy and its citizens. Austerity alone will not resolve the eurozone crisis. Recent data from international organisations such as the World Bank and the International Monetary Fund confirm that Europe is on the brink of a deep recession and that austerity measures already implemented in many EU countries have a negative impact on prospects for jobs and growth.

“Without strong growth, member states won’t be able to respect their six-pack commitments to cut debt and public deficits.

“We propose an alternative strategy that combines sound public finances with social fairness and policies for investment and jobs. It is based on consolidation, also through a growth and jobs pact, stronger and more democratic decision-making arrangements, a strong system of eurobonds, a financial transaction tax and a real European budget financed through own resources.”

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