“time to tax speculation not more cuts for ordinary Europeans”

24 March 2011, Brussels

Ahead of the European Council summit, the Party of European Socialists (PES) today (24 March) joined thousands of demonstrators protesting against the proposed economic direction of the EU.

The demo against the failed policies of the conservative majority followed on from the strongly worded statement by PES Prime Ministers and Deputy Prime Ministers, ahead of the Council.

The PES together with the other demonstrators showed its support for a Financial Transactions Tax (FTT) to raise funds to help the European Union get out of the crisis.

PES Secretary General Philip Cordery said; “we are here to show the right-wing majority at the European Council that we don’t support the austerity-only plans that they are continuing to push forward. Not only it is not going to lead Europe out of the crisis, but it will also further deteriorate working conditions for ordinary citizens. Europeans citizens have already paid enough for this crisis; it is time to introduce a Financial Transactions Tax to make the financial markets take the burden”.

On 24-25 March the European Council is expected to adopt the “Pact for the Euro”, formerly known as the “Pact for Competitiveness”, which will mean weaker welfare states, lower salaries and social benefits across Europe. According to the pact, wages must not grow faster than productivity. At the pre-summit meeting in Athens, PES leaders presented their alternative economic strategy, based on creating new jobs and reducing inequalities. As a study by progressive think-tank, FEPS has underlined, these progressive policies would lead to the creation of up to 8 million new jobs by 2015 and up to12 million new jobs by 2020.

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For further information please contact Brian Synnott on +32 474 98 96 75 (brian.synnott@pes.org)