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CEEP: The most urgent task is to end the sovereign debt crisis

Date

03 Oct 2011

Sections

Euro & Finance

CEEP at MEDPOL

This was the key message that Carl Cederschiöld, President of CEEP, presented at the Macroeconomic Dialogue meeting with the European social partners today in Luxembourg.

Confidence must be restored and the primacy of policy making over markets needs to be reestablished. Mr Cederschiöld stated: “It is unacceptable that public budgets are increasingly formulated in function of perceived financial market expectations, rather than of autonomous policy decisions.”

In his intervention Mr Cederschiöld also linked the roles of private and public actors. While up to half of the financial sector is still largely outside the supervisory and regulatory radar, the public services, which provide vital services for the economy and for societal cohesion, have to justify every bit of their activities in relation to Single Market and competition regulation. A balance should be restored before further damage is done for our economies and democracies. Carl Cederschiöld: “The pendulum has now swung too far from the public to the unregulated private sector. We should learn our lessons from that!

Carl Cederschiöld continued by welcoming the growing recognition that the Euro zone needs sufficient financial “firing power” to rule out repetition. This is indeed desirable, and it should be created fast.

For further information, please contact:

Valeria RONZITTI, Director of CEEP - tel. +32 (0) 2 219 27 98

CEEP gathers enterprises and organisations from across Europe, both public and private, at national, regional and local level, which are public employers or providers of services of general interest. CEEP members employ a quart.

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