The ETUC and European social partners met with the presidents of the ECB and the Eurogroup, Commissioner Vladis Dumborvskis and ministers of finance from member states at the biannual Macro-Economic Dialogue at Political Level (MEDPOL).
The ETUC’s intervention highlighted the need to rethink the EU’s economic governance rules, also known as the stability and growth pact. Speaking at the meeting, ETUC General Secretary Esther Lynch called for these rules to be suspended in order for the EU and its member states to access the investment capacity needed to address the challenges faced in a changed world:
“In these times of high uncertainty, it is even more urgent to ensure quality jobs and higher wages and to increase investments - to support the manufacturing sector and other sectors and to bolster domestic demand, which has been eroded. Initiatives on defence must not lead to reduced public investment or government cuts to social expenditures.
“We need the suspension of the EU fiscal rules and a robust EU industrial policy backed by an EU-financed Investment Facility with social conditionalities, along with a SURE 2.0 instrument to provide immediate protection against job losses. The ETUC advocates for a pro-worker simplification agenda and a vision of competitiveness driven by quality jobs, skills and qualifications rather than deregulation.”
Ludovic Voet, ETUC Confederal Secretary, echoed these points, further arguing for “the creation of a robust, EU-financed Investment Facility with strong social conditionalities. Such a facility should account for 2-3% of EU GDP annually in additional public investment, ensuring that Europe remains competitive without compromising social rights.”
The ETUC will seek a meeting with the ECB to further reflect the interests of working people in its decisions. The ETUC expects its position to be reflected in the European Commission's proposals on the National Escape Clause, set to be published on 19 March 2025.
Cover image copyright: European Union (accessed here)
