"I fear once again this debate is an attempt to cover up the failed religion of austerity which has brought Europe to chaos" French GUE/NGL MEP Patrick Le Hyaric said following Italian Prime Minister Mario Monti's statement to the European Parliament on the economic crisis, growth and employment.

"You speak of discipline - but it's always discipline for people not financiers, isn’t it? Such discipline and austerity will prove a fatal poison as it sacrifices labour, welfare, social protection and salaries" he said after Monti insisted on a policy of cuts rather than growth.

"You talk about democracy, but what kind of democracy is it when we have unelected troika leading some countries; when the only words you hear these days are discipline, surveillance, sanctions and punishments for those who don’t fall into line?"

Le Hyaric set out the left's proposals to generate growth and employment such as the establishment of a European minimum wage; defence of social security; a tax on capital equal to that on labour; a real financial transaction tax; major works programmes; an end to social and fiscal dumping; and research and education for development."This would be made possible by the creation of a European fund for social and ecological development instead of the stability mechanism" he said.

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