Complacency over economic management would be fatal warns Eichel
30 April 2008
The Party of European Socialists has put forward its recommendations for improving the economic management of the European Union, currently under review by the European Commission. Ten years after the launch of economic and monetary union – and five years after the introduction of Euro notes and coins – the European Union is taking a fresh look at how it is being handled.
PES recommendations include:
- A European Growth Initiative aimed at developing new and future drivers for jobs and economic growth (such as renewable energies, energy efficiency, clean technologies). To help finance the Initiative a special ‘European Growth Bond’ should be issued, helping also to reduce the excess global demand for euro denominated investments which contributes to the excessive strength of the Euro;
- The Eurozone should speak with one voice in international institutions such as the IMF and World Bank;
- A more active dialogue between ECOFIN, the European Central Bank, and trade unions and employers, including informal meetings with the Euro group of finance ministers.
PES Lisbon Network Coordinator and former German Finance Minister Hans Eichel said “Economic and monetary union has been a stunning success and Europe can be proud of the way it has been managed. But complacency would be fatal. We are facing a global financial crisis and a downturn in economic growth. There will be difficult times ahead. Europe needs to do much more to create economic growth and more jobs, and to play a stronger role in world economic affairs.”
