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Socialist PMs call for Economic Governance ‘that ensures fair growth’


15 Sep 2010


Euro & Finance
Social Europe & Jobs

The Prime Ministers of the Party of European Socialists (PES) will use tomorrow’s European Council meeting to call for an EU commitment to ‘fair growth’. The initiative, agreed after intensive discussions between the PES Prime Ministers, calls on the Governmental leaders, EU finance ministers and the European Commission to deliver a more balanced economic message than simply ‘austerity cuts and sanctions’.

Concrete measures that the socialist leaders wish to put on the agenda include:

·         A monitoring system for employment levels (as a key indicator of economic strength)

·         A commitment to push for an EU financial transaction tax, bank levies and seriously explore the idea of Eurobonds

·         A move away from the proposal to withhold EU structural funds from Member States who infringe budget guidelines

·         A recognition that an effective economic coordination needs the contribution of not only EU finance ministers, but European Affairs Ministers and Employment & Social Ministers

·         A recognition of the limitations of the ability of the EU growth and stability pact to assess fundamental economic indicators such as employment, poverty levels and social exclusion trends.

The move by the PES is a  reaction to the months of Conservative rhetoric around austerity measures, cuts to public budgets and the threats of sanctions on already economically weak countries.

PES President, Poul Nyrup Rasmussen stated that; “Our excellent coordination has allowed us to articulate an alternative to the Conservative way. People throughout the EU should see that the political divide between those who will voice the concerns of the millions affected by the economic crisis and those who only see a future of cuts and sanctions is becoming more and more clear”.

PES Prime Ministers’ Statement attached


For further information please contact Brian Synnott on +32 474 98 96 75 (


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