Brussels, 15/10/08
ETUC welcomes last week’s initiatives to come to a common policy response to the economic crisis at European level. The seriousness of this crisis calls for a unified answer and for a number of lessons to be drawn regarding the future. European trade unions believe that this crisis must be turned into an opportunity not to be missed to re-regulate the functioning of the financial markets, avoid future excesses and put the markets first and foremost at the service of public good. As emphasised in a press release on the financial crisis on 14 October 2008, ETUC calls upon:
• to save Europe from the financial profiteers by setting up a European Recapitalisation Fund in order to inject new capital in the banking sector and share the burden of responsibility;
• to save wages from central banks. There is an urgent need to overhaul the current model and upgrade the influence of the real economy on the monetary policy decisions, thus guaranteeing more transparency and control. This is the reason why ETUC proposes the creation of a European Council of Social Partners within the European Central Bank in order to get the balance right;
• to save the real economy. The consequences of the financial market crisis are having a snowball effect on the real economy. Unemployment is already rising and people cannot honour their financial obligations vis-à-vis their banks anymore – this will lead to an increase in working poor, poverty and social exclusion levels;
• the European workers and citizens would not understand if Europe does not take their interests as much into consideration as those of the financial markets.
ETUC proposes the creation of a European Investment Fund to promote investment in renewable energies, energy savings, innovation and European infrastructure networks, as well as the launch of a concrete European industrial policy.
Meanwhile, the financial crisis should not lead to postponing the adoption of the energy and climate change package or weakening its ambitions. Neither the EU nor the rest of the world could afford a climate crisis on top of the financial crisis.
As it stands, the climate change package is still far from convincing the European trade unions that it will actually deliver the promised job creation.
ETUC will reiterate proposals that have already been addressed to the Council and the Commission, notably:
• the presentation of a White paper on climate change, skills and jobs in 2009 putting forward concrete proposals with a view to promoting a coordinated action of the Member States for new skills training in sectors such as energy efficiency and renewable energy;
• the establishment of EU instruments to support transitions for sectors and workers displaced by climate change measures. For example, ETUC proposes the creation of a ‘low carbon adjustment fund’ to assist displaced workers.
Maria Helena André, ETUC Deputy General Secretary declared: ‘Both issues, more than ever, call for an important political signal to be given by the European institutions. Europe should transform this crisis into an opportunity to do things better, do them differently and in the European way’.
