Euro Reform Deal Delays Crisis Solution, Say S&D Euro MEPs

S&D Euro MPs today criticised the agreement on Euro zone reforms – the so-called economic governance package – as failing to provide a lasting solution to Europe’s economic and social crisis.

The deal struck by negotiators from the Council and the Parliament needs final approval from the full Parliament in two weeks.

Said S&D spokesman for economic and monetary affairs Udo Bullmann: “Although the report by my colleague Elisa Ferreira takes a major step to safeguard social rights in the euro area, the package as a whole still lacks balance.

“It fails to provide any incentives for growth and jobs. This is an austerity package that leaves no room for manoeuvre for investment in key sectors linked to the EU2020 strategy, such as education, innovation or energy efficiency.

“This could actually make things worse for the European economy which is facing the risk of recession.”

Mr Bullmann said it was extremely questionable whether financial penalties on their own were the right way to stabilize troubled economies.

He added: “Sustainable fiscal consolidation is only possible if we grow out of the crisis together.”

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