Smarter Spending Will Safeguard Our Future, Say Euro MPs

S&D Euro MPs today called for jobs, growth and investment to be a key part of the EU economic strategy.

Reacting to the agreement reached by the Herman van Rompuy task force on reform of economic governance in the Euro zone, Group vice president in charge of social policy Stephen Hughes and Group spokesman on economic and monetary affairs Udo Bullmann said In a joint statement:

“The EU should not focus blindly on cuts. We need a more balanced approach that takes into account economic objectives such as employment, growth, and public and private investment. In short, we need smarter spending”.

“We need greater budgetary discipline in the Euro zone. Member states must reduce their debts and deficits. This is vital for the Euro zone’s stability and for the sustainability of our economies.

“But we need to give member states some room for manoeuvre. That is why we oppose any automatic sanctions against countries that have failed to meet their budgetary commitments.

“In our view, the European Parliament, as the democratically elected EU institution, should be involved in the surveillance of economic and budgetary policies.”