European Socialists And Democrats Call For Extraordinary Meeting To Address Euro Crisis

The European Parliament’s main progressive group, the 185-strong Socialists and Democrats, today argued for the EP economic committee to be recalled from summer holiday for an urgent meeting on the Eurozone crisis.

In a letter to Sharon Bowles, the Chair of the EP’s Economic and Monetary Affairs Committee, S&D economic experts Udo Bullmann, Gianni Pittella and Leonardo Domenici propose to summon the members of the committee for an extraordinary hearing with ECB president Jean- Claude Trichet, Euro Group president Jean-Claude Juncker and Commissioner Olli Rehn.

S&D economic and monetary spokesperson Udo Bullmann said: “The European Parliament cannot remain shut leaving the field to the European Governments, whose attempts to react to the crisis have been so far rather disappointing and weak.

“We must step in to deal with this alarming situation and strongly insist on the establishment of a real European Monetary Fund to intervene in the bond market and promote growth”.

EP Vice-President Gianni Pittella said: “Without a bold strategy for growth the Eurozone debt will not diminish. On the contrary, it will worsen leading our economy to stagnation and undermining our countries’ social cohesion”.

S&D member Leonardo Domenici said: “The Eurozone has been clearly targeted by market speculators who have been making profit out of the EU’s political divisions and low growth.

“Over the last months the European governments’ response has often been too little and too late. It is time to take the bull by the horns and finally introduce Eurobonds and a financial transaction tax”.