Europe is facing the worst economic crisis since the great depression of the 1930s. Starting in financial markets, the crisis has quickly spread to the real economy. High and rising unemployment, low growth and gloomy perspective, high public debts and deficits all testify to the gravity of the situation. However, the current conservative and liberal majority in all EU institutions (Council, Commission and Parliament) fails to provide an effective answer. Instead of fighting for jobs and growth they have imposed the logic of austerity-only and displayed, time and again, their inability to act together.
The PES has been engaged since the onset of the crisis into defining an ambitious, comprehensive and coordinated economic strategy to square the circle and return to growth and jobs while tackling the issue of public debt.
