EU Summit must commit to taming money markets

EU Summit a dead-end without commitment to taming financial markets.

Today’s European Union (EU) Summit would be useless for Italy, Greece, Portugal, Spain and Ireland, unless European policy leaders publicly commit to keep onboard all countries and to cover debts – if need be – through the European Central Bank (ECB), in case the European Stability mechanism does not have resources enough to buy the bonds in order to push down interest rates and reduce the spread.

Commenting on Van Rompuy’s draft proposal to be discussed at the Summit, Monica Frassoni, co-spokesperson of the European Green Party (EGP), said that, “the bottom line today is that there is not much else individual countries can do to 'reassure' the markets. What we all need - including the markets - is that the expression 'more Europe' takes on a concrete identity and begins to mean something.

On the day of the European Council which should "save the Euro", a large group of NGOs, economists, alternative think tanks, political representatives from European Greens, Socialists and United left representatives met in Brussels to define "Another road for Europe", along three distinct but complementary set of proposals: taming the finance, saving the economy with a Green New Deal, refounding Europe with a strengthened European democracy.

We need to reopen the deadline and review some measures on the Greek memorandum. There must be a commitment not to reduce the EU budget and an agreement on the concrete steps to launch a democratic reform of the EU,” Frassoni said.

European Greens also stressed the need to decide on a plan for sustainable growth, which stops the playing around with figures and opens the perspective to euro-bonds and to investments. Such investments cannot be limited to give more capital to the European Inverstment Bank (EIB), but should rely also on a better organised and strengthened EU budget, investing in  high resource efficiency and sustainable projects.

European Greens are convinced that the current EU institutional setting is not up to the challenge the EU faces. We need to engage in a new round of reform of the EU, but this time we must ensure that it is marked by a positive engagement and with the full commitment of Europe’s people who must feel part of the European project and should not be confronted with a done deal.

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