Socialist Finance Ministers called for a shift in the EU’s approach to creating new economic growth

Socialist Finance Ministers called for a shift in the EU’s approach to creating new economic growth – by placing more emphasis on investment alongside the traditionally prescribed economic reform.

The statement adopted by the PES Finance Ministers and Opposition spokespersons meeting this morning says

“Europe can only become more competitive through a sound combination of economic reform and investment in people. Only by achieving a more effective mix of reform and investment will Europe achieve the economic growth it needs.”

 The Ministers specifically ask for “a more concrete proposal at the Spring Summit focusing on investments in research and development, education and training, child care, social services and renewable and efficient energy.”

 In a clear political message for the Spring Summit the Ministers said

 “We call on the EU Spring Summit to support and strengthen the European Commission’s proposals by calling for

• A European inter-governmental investment strategy of coordinated and simultaneous investments in a number of areas including research and development, education and training, child care, social services and renewable and efficient energy. European funds should be used in relevant policy areas.
• The exchange of best practices in key areas such as child care and social services.
• A better macro economic policy mix, where demand and supply side economic policies interact. "

The Ministers also agreed that higher labour market flexibility needs to be accompanied by more security and better policies to enable people to move from yesterday’s job to tomorrow’s job. “That is our flexicurity” said PES President Poul Nyrup Rasmussen.

“Europe’s Socialist and Social Democratic Parties believe that investment is required alongside economic and social reforms to create the growth and jobs Europe desperately needs” said Poul Nyrup Rasmussen. “We aim to make the Commission and Council hear those demands.”   

The meeting was attended by Ministers Peer Steinbrück, Pedro Solbes, Teixeira Dos Santos, Pär Nuder, Jeannot Krecke, Plamen Oresharski, Secretary of State Pertti Rauhio, Commissioner Joaquin Almunia and Spokespersons Christoph Matznetter, Vasso Papandreou , Karl Eirik Schjøtt-Pedersen and PES President Poul Nyrup Rasmussen.

For more information,

Julian Scola, PES Press Officer, tel 0486 117 394,