PES Financial and Economic Network discuss the creation of a Eurozone budget

26/02/2019

Image: Network meeting

Financial and economic experts from PES member parties, the S&D Group in the European Parliament, trade unions and civil society, met today to discuss the creation of a Eurozone Fiscal Capacity.

The group also discussed different proposals for a digital services tax, and the next Multiannual Financial Framework.

The chair of the meeting, S&D Group Vice-President Maria Joao Rodrigues, said:

“The Network held a fruitful debate regarding the creation of a Eurozone Fiscal Capacity, or ‘Eurozone budget’. Discussions are ongoing both in the Council of the EU and in the European Parliament, and our political family continues to push for an ambitious tool that can safeguard the eurozone against another crisis. Such a budget has to bridge economic and social inequalities between citizens and between countries. This requires the implementation of progressive reforms coupled with investment, priority must be given to countries in need of convergence. One important component of this would be a European (re)unemployment insurance scheme to support national benefit schemes in times of crisis. We urge national leaders to take the Commission’s proposal on that matter seriously. It is a vital tool in our search for sustainable growth and sound public finances”

She added:

“The Network further sought to emphasise the importance of continuing discussions regarding the 2021-2027 Multiannual Financial Framework, in light of the upcoming elections. The way the EU is funded, and where we decide to spend the money, is crucial. A strong and ambitious MFF needs new own resources. The window for negotiation is narrow, if we are to avoid difficulties in transitioning from the current to the next European budget. Therefore, we call on leaders to commit to reaching a good and fair deal on the next MFF package as soon as possible.”