Brussels, 09/03/2010
The ETUC is concerned to observe that Greece seems to be alone to face a renewed wave of financial market speculation, orchestrated by the ‘Goldman Sachses’ of this world. The European Council, the European Central Bank and the European Commission are giving an entirely wrong message: Speculators are not to be touched while workers and governments are pressed to cut wages, social benefits and public services.
If Europe does not act now against the speculators, if Europe does not organise the solidarity between its member states and its workers, then financial markets will use their power to single out individual countries: Member state after member state will be forced to cut wages, benefits and jobs.
Social Europe is in grave danger.
This is why the ETUC demands a New Social Deal for Europe. Europe needs a financial transaction tax, a common Euro bond, a European rating agency and a European Central Bank which also supports public policy and public finances (and not only the banking sector). Collective bargaining must be strengthened: Competitive wage cuts and wage freezes are not to replace the competitive devaluations of the period before the single currency.
The way forward is through recovery plans agreed with the social partners, in which the rich and comfortable accept their full share of responsibility, and it is not the working people who are left to carry the burdens of the recession through unemployment, pay and pension cuts.