Economy
Renowned economist calls for 'European Green New Deal' to tackle Europe’s economic instability
The Centre for Labour and Social Studies has released a new essay by Yanis Varoufakis, professor of economics at the University of Athens, calling for a 'Green New Deal' to be implemented across Europe.
The essay, entitled Think Big, Think Bold, addresses whether the road to a European-wide sustainable recovery will be found in Britain taking an active role in Europe. Varoufakis argues that a 'European Green New Deal' can tackle the economic crisis in the eurozone, address the domination of the financial sector across Europe and stem the growing influence of the far-right.
The essay calls for progressives in Britain to support European-level infrastructural investment; a cross-border welfare net, common public debt instruments and a powerful manifesto to significantly rein in the influence of the banking sector.
It argues that there are nearly $3 trillion of idle corporate savings which could be invested productive processes and activities. Yanis Varoufakis said: “Progressives need a common vision around which to build alliances across Europe. No progressive agenda stands a chance in our individual countries. A European Green New Deal can be this common vision.”
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