"Irresponsible" Deal On Economic Governance Reform, Say S&D Euro MPs

S&D Euro MPs voiced concerns about economic governance reform following an agreement struck today by EU finance ministers.

Said group spokesperson on economic and monetary affairs Udo Bullmann: “This agreement will lead the European economy down the wrong path. EU finance ministers are obsessed with cutting public deficits and debts.

“We need more fiscal discipline but not to the extent that it stifles growth.

Said S&D negotiator on the economic governance Elisa Ferreira: “EU finance ministers failed to address the need for robust and strategic public investment to support Europe’s competitiveness on the world stage as well as internal convergence among its different economies.

“This Council position is irresponsible. This deal may strengthen economic governance in the short term, but it will weaken Europe’s growth and job prospects for many years to come.

“Without major adjustment, it has no hope of winning a strong majority in the European Parliament.

“During future negotiations in the European Parliament, the S&D group will make constructive proposals to rebalance this reform to take account of the need to boost growth, economic and social convergence and job creation in a greener economy.”