S&D Propose An Alternative Agenda For Economic Recovery

The main progressive group in the European Parliament today called on EU national leaders to put an end to the inefficient piecemeal approach to the financial and economic crisis and on the Commission to assume its responsibility and take the lead.

Socialists and Democrats proposed an alternative agenda aimed at resuming fair growth and job creation and ensuring the sustainability of public finances at an extraordinary meeting with ECB president Jean-Claude Trichet, Eurogroup president Jean-Claude Juncker, and economy commissioner Olli Rehn, organized at the initiative of the S&D Group.

S&D spokesperson on economic and monetary affairs, Euro MP Udo Bullmann, said: “We’ve had enough bilateral summits and government leaders trying to defend their own personal interests.

“We must build solid economic governance on the basis of the treaties and the European institutions, a governance system that is democratically accountable to the Parliament.”

Mr Bullmann explained some of the S&D proposals: “Eurobonds would shield member states from speculative attacks and would improve liquidity.”

“The Commission, Merkel and Sarkozy have finally accepted our proposal to create a financial transaction tax, but we cannot wait until 2018. It is time for comprehensive action, we cannot be thinking over every new step for months or even years.”

“The EU budget should have enough resources to allow for solidarity and to leverage effects for investments.

“A real golden rule for public investment is needed to sustain the growth dimension of the Stability and Growth Pact if we want to avoid the risk of recession.”

S&D Euro MPs today asked the president of the European Council, Herman Van Rompuy, to take part in the discussions on the economy to be held in Strasbourg on Wednesday 14th September.