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#EconomicUnion: Socialists reiterates call to deepen the Economic and Monetary Union

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i1ocEVF_82NsHigh Level representatives of the Party of European Socialists met on January 28th in Brussels to discuss the deepening of the Economic and Monetary Union in order to make Europe less vulnerable to future economic shocks.

The participants of the European Socialist Party (PES) High Level Working Group discussed in detail proposals to make the Economic and Monetary Union more progressive. They highlighted the urgent need to safeguard citizens’ deposits with the implementation of a deposit insurance scheme, and highlighted the importance of taking into consideration the social situation when conducting economic policy. The participants discussed detailed measures that can bridge current social and economic inequalities.

Maria João Rodrigues, chair of the High Level Working Group and Vice President of the S&D Group in the European Parliament, stated: "Work to deepen the EMU has to be intensified in the Member States but also in the European institutions. It is becoming increasingly urgent to deepen socio-economic coordination in the Union in order to be able to effectively tackle current challenges such as the refugee crisis, high levels of unemployment and low levels of economic growth. Europe needs stronger domestic demand and more balanced growth."

She added: "We hope for rapid progress in agreeing a deposit insurance scheme for the Eurozone to improve the stability of the financial sector. We also insist on moving ahead with discussions on a Eurozone fiscal capacity that would enable greater economic convergence and safeguard the wellbeing of our citizens during future economic shocks. Fixing the EMU is urgent if Europe is to re-enter a path of sustainable economic growth and social justice."

The meeting was also attended by:

  • Pierre Moscovici - Commissioner for Economic and Financial Affairs, Taxation and Customs
  • Karine Berger - Member of the French National Assembly
  • Rimantas Šadžius -Finance Minister, Chair of the PES ECOFIN Ministers network
  • Nicolas Schmit - Minister of Labour, Employment and the Social and Solidarity Economy, Chair of the PES EOSCO Ministers network
  • Charlotte Svensson - State Secretary in the Ministry of Finance, Sweden
  • Pervenche Berès MEP, Member of the Committee on Economic and Monetary Affairs, Chair of the PES Social Europe Network
  • Mercedes Bresso MEP, S&D Group Coordinator of the Committee on Constitutional Affairs

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