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Union faces huge crisis of confidence, admits Barroso

Date

29 Sep 2011

Sections

Euro & Finance

Collective action and greater solidarity urged to exit the crisis

28/09/2011

Responding to Commission President Barroso's speech on the state of the European Union in the European Parliament this morning, GUE/NGL President Lothar Bisky said Europe was facing its "worst crisis since its foundation - a financial, economic and debt crisis, a crisis of the euro and the Greek crisis".

Not only has the EU and its member states not regulated the financial markets effectively, but "politics have become hostage to speculation" with the only measures taken so far being aimed at fiscal consolidation by lowering expenditure. "This has resulted in cuts in social spending and wages, rising unemployment and economic decline," he said.

The fact that decisions are increasingly taken at intergovernmental level without any prior consultation with parliaments means that the people of Europe are "increasingly losing confidence and Euro scepticism is gaining ground".

"I am convinced that Europe needs more cooperation rather than further retreat into national interests," Bisky said. "It needs a coordinated and democratically agreed fiscal, economic and social policy."

He said he would continue reiterating the urgent need for solidarity between member states and the people, not only financial solidarity but also the solidarity to resist successive cuts imposed by governments.

He warned of the threat of a social split in our societies in which billions of euros are being pumped into banks and people are left to foot the bill. "This cannot go on. Where is social justice now? To put it bluntly, either there will be a joint exit from the crisis in a social, sustainable and democratic way or there is no solution for the EU as a whole," Lothar Bisky concluded.

GUE/NGL Press Contacts:

Gay Kavanagh +32 473 84 23 20

Sonja Giese (DE) + 32 486 94 50 21

David Lundy +32 485 50 58 12

 

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