The European Union must not take punitive action in national policies

Brussels, 06/10/2011

The European Union and the ECB are waging punitive expeditions against countries that have failed to comply with the stability rules. Instead of following the path of solidarity and taking bold measures commensurate with the seriousness of the situation, it’s the short-term solution that holds sway. The recent measures imposed on Italy and Greece are oppressive. European decision-makers are persisting along a path that is forcing countries in difficulty down an infernal spiral.

Bernadette Ségol, ETUC General Secretary stated: “We had already reacted in August to the letter sent to Italy by Mr Trichet, the President of the ECB. The recent publication of its content is worse than we could have imagined. It is not up to the ECB to make policy and especially not the policy it intends to impose: a policy of the lowest social bidder. Furthermore, the Troika went to Greece recently. The payment of a new tranche of €8 billion depended on its visit. The Troika imposed terrible “commandments” on an economy on the verge of chaos. Is it by chance that this week’s Eurogroup meeting decided to postpone the payment of this aid? Our Greek members organised a general strike yesterday. A new action is planned for 19 October. We have expressed our full solidarity with them. It is an illusion to think that these actions will help countries in difficulty to return to growth. Exactly the opposite is happening.”