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Udo Bullmann

Call for a permanent eurozone stabilisation fund

S&D Euro MPs today welcomed EU finance ministers’ final agreement on a stabilisation fund for the eurozone and called for the mechanism to be permanent.

Said Udo Bullmann, S&D spokesman for Economic and monetary affairs: “The eurozone now has the fire hose it needs if there is another fire in future. The decision was taken late in the day — but we believe that it will help to stabilise the eurozone.

“Finances ministers should call a spade a spade. They have actually created a system of Eurobonds. Socialists and Democrats have been campaigning for a long time for such a mechanism to support investment of common interest for the future such as transeuropean networks in the field of transport or energy.

The S&D group is also in favour of a permanent stabilisation fund for the eurozone.

“This new European Monetary Fund should be financed by contributions of eurozone members proportionate to the size of their wealth.

“This decision of EU finance ministers should now be complemented by effective economic governance, with a strong role for the European Commission, and by an integrated development strategy for fairer and more sustainable growth and employment.”

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