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S&Ds slam Merkel’s proposal for 'Jumbo Council' with finance and economy ministers as dead-end for Eurozone


Euro & Finance
Reacting to a proposal made by Chancellor Angela Merkel in a speech to her CDU /CSU parliamentary group on Tuesday to convene a Jumbo Council meeting between finance and economy ministers S&D Group spokesperson on economic and monetary affairs, Pervenche Berès, said:
"Not only is Ms Merkel putting a brake on much needed reforms, the one big change to the Eurozone architecture she proposes would lead the Eurozone into a dead-end. Expanding the Eurogroup of finance ministers to include all 19-members of the Eurozone’s economic ministers and charge it with improving economic convergence and ensuring greater competitiveness would continue the one-sided austerity policies. Instead of administering more of the wrong medicine that has wreaked havoc in our economies and societies, the Eurozone finally needs a healthy policy mix. We Socialists and Democrats have long since called for a 'Jumbo Council' meeting between finance ministers with employment and social affairs ministers to ensure that the Eurozone is finally put on the path of sustainable growth and decent jobs."
Agnes Jongerius, MEP and S&D spokesperson on employment, added:
"Mr Rutte and Ms Merkel's idea of a 'Jumbo' Council, including both finance and economic ministers from the Eurozone, is misguided. It stems from the conviction that as long as our economy grows, all is well. The stubborn focus on is likely to lead to more inequality and precariousness, and this is not what we need. We need ministers to act on inequality, the lack of social convergence in Europe and creating jobs for our young. The only 'Jumbo Council' I see a need for is one where Employment and Social Affairs ministers have a seat at the ECOFIN table."


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