The PES has been urging real, progressive reform of the eurozone for many months. We have particularly insisted on the need to give the eurozone a dedicated budget that is used to support its member states and citizens, and to reduce the inequalities between them.
PES president Sergei Stanishev said:
“The creation of a eurozone budget has been long overdue. We have been calling for it, and the S&D has fought hard for it in the European Parliament, but it has so far been blocked by conservative governments in Europe.
“It is clear that what brought the change of heart in the German government is the arrival of the SPD at the helm of the finance ministry, and I want to congratulate the SPD for this historic shift.
“More progressives in government mean more progressive policies, and more decisions that work for the benefit of citizens.”
PES secretary general Achim Post added:
“The PES has long been calling for the creation of a budget for the eurozone. It is crucial that we put in place additional safeguards to tackle future financial shocks and prevent their economic and social consequences.
“We must create a eurozone budget to promote growth, investment, and upward social and economic convergence. It must ensure the sustainability of our welfare states in times of economic turmoil.”
Read more about our position:
- PES Paper on strengthening and deepening the Economic and Monetary Union
- PES Council Resolution adopted in Lisbon on 1 December 2017
- PES Presidency Declaration adopted 16 June 2016
- Conclusions of the PES High Level Working Group on the EMU
