Invest in People – No to Austerity 2.0

End of last year, EU finance ministers agreed to revise the EU’s Economic Governance Framework. The plan behind this is to return to business as usual with austerity policies as quickly as possible. Conservatives, Social-democrats and Liberals in the European Parliament followed suit at the end of January and decided to enter in negotiations about the revised austerity rules with the other institutions.

The Party of the European Left is sharply opposed to the introduction of a new austerity round. Not least the pandemic has proven the importance of investing in the healthcare system and public services. In view of high interest rates and rising military spending, public services and investment by local authorities are at risk of being wiped out.

In fact, the Party of the European Left supports a complete reform of the existing EU economic governance system, to end austerity, encourage investment, and stop putting pressure on wages and collective bargaining, as the European trade unions are also demanding. Deeper European Economic and Monetary Union (EMU) must be matched with a strong social dimension, with social and environmental indicators as an integral feature. 

The European Left Party stands for a new, fairer economic model that puts workers and not superprofits first.

Walter Baier, President of the Party of the European Left