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EU leader volte-face only way to save Europe from catastrophe

Date

27 Jun 2012

Commenting on the eve of yet another "crunch" Summit of EU leaders, GUE/NGL President Gabi Zimmer said the meeting "must mark a decisive break with the neoliberal canon that is leading Europe to another great depression".

"It has been clear for some time that the obsession with austerity is failing and exacerbating economic and social difficulties across Europe. Tomorrow, EU leaders must admit this and instigate urgent measures to reverse policy.

"The proposals of the van Rompuy, Barroso, Draghi and Juncker task force are more of the same and seem to ignore clear rejections of ongoing policy in recent elections. The fiscal union must not become an austerity union as an active state fiscal policy is needed for recovery. The task force document also ignores the need for the ECB to become lender of last resort to prevent market speculation on sovereign debt. Basically, the financial sector must be made contribute more to solving the problems it has caused."

Setting out key demands ahead of the Summit, Zimmer said: "firstly, current figures being bandied about for funding growth cannot be taken seriously and represent mere small change compared to bank bailouts. We need a real public investment pact that offers a sustainable way out of this crisis. Recovery will only be possible via jobs, economic growth and programmes to tackle poverty and inequality funded by progressive taxation."

"Secondly, attacks on democracy must give way to useful economic policy. If we continue on the current path, the threats posed by the resurgent nationalist and extreme right will plunge Europe into a major catastrophe.

"Thirdly, sketchy and partial proposals for the taxation of financial transactions will not work. Any FTT needs to be far-reaching."

The Brussels Summit begins tomorrow at 15.00.

GUE/NGL Press Contacts:

David Lundy +32 485 50 58 12

Gay Kavanagh +32 473 84 23 20

Sonja Giese (DE) +32 486 94 50 21 

david.lundy@europarl.europa.eu

gabrielle.kavanagh@europarl.europa.eu

sonja.giese@europarl.europa.eu  

European United Left / Nordic Green Left

European Parliamentary Group

www.guengl.eu

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