Opening the GUE/NGL conference on Economic Democracy today in the European Parliament, Lothar Bisky said recent moves to regulate financial markets were insufficient and democratisation was crucial in building alternatives to the current failed economic policy paradigm

"The casino has not been shut; its rules have merely been altered. Taxpayers have paid dearly to save banks and must now pay more in wages, services and pension cuts in adherence to the disastrous stability and growth pact. We must continue to push to place economic policy under democratic control and build an EU of solidarity not crude competition."

"Current economic coordination isn't geared towards jobs and is exclusively concerned with budget discipline" Miguel Portas (Portugal) said. "The consequences of the current model are growth-stifling and inequality-boosting austerity measures that increase the gaps between surplus and deficit countries. A political break with a model that makes no economic sense is therefore needed."

Greek MEP Nikos Chountis spoke of the need for greater democracy in decision making to counter draconian neoliberal policies and the positive impact of citizen mobilisation. "Trade unions have a central role to play in mobilising people and building a movement to reform financial markets from a socialist perspective".

GUE/NGL PRESS CONTACTS:
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Gay Kavanagh +32 473 84 23 20
Gianfranco Battistini + 32 475 64 66 28
Sonja Giese + 32 486 94 50 21
www.guengl.eu
Gauche Unitaire Européenne/Nordic Green Left
European Parliamentary Group