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S&Ds: We need fresh money to fund much-needed policies and NextGenEU


17 Apr 2023


Euro & Finance

Ahead of a vote on the European Parliament’s proposals for new own resources in the budget committee in Strasbourg today, the Socialists and Democrats call on the European Commission to urgently proceed with the necessary impact assessments and come up with concrete proposals for new own resources for the EU budget. We need to make sure that we can secure additional means to respond to challenges and emergencies our citizens and the economy face in the current crisis, fund our policies in the long-term – including the investments made under NextGenEU – as well as foster fairness and justice.

Eider Gardiazabal Rubial – MEP and S&D spokesperson in the committee on budgets of the European Parliament – said:

“The S&D Group is pushing for new sources of fresh money for the European Union to deliver for our citizens, who are facing one crisis after another. This question stands at the heart of the European project: our founding treaties state that the Union should have the means necessary to attain its objectives and carry through its policies. Reality-checks have shown us time and again that the EU budget cannot depend solely on contributions from member states.

“Member states and the Commission have committed to provide the EU with new own resources to repay the investments made under the NextGenerationEU recovery instrument. We call upon them to now walk the talk.

“The EU needs to create own proper sources of money, via EU-wide solidarity measures which also reduce inequalities. The S&D Group also strongly supports temporary emergency measures like the taxation of excess (windfall) profits, not only for oil and gas firms, but also the food and pharmaceutical industries who have made excessive profits during the Covid-19 pandemic. The S&D Group also backs further innovative and progressive proposals, such as introducing a levy on corporations that operate in and therefore benefit from the EU Single Market, but also further measures to ensure the super rich contribute more. It is high time to unblock the negotiations on the Financial Transaction Tax. This would considerably ease the burden of the crisis from the shoulders of our citizens. 

“This is the time to be bold. We can no longer shy away from the fact that inequalities are rising in our Union. The S&Ds will keep fighting for more and fairer funding for our Union budget to ensure that no one is left behind and the well-being of our citizens and companies is ensured.”


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