15 September, 2011
Similar to integration on the global level, European industrial union federations are integrating for greater strength and more social power. As part of that, the European Mine, Chemicals, Energy Federation (EMCEF), the European Metalworkers’ Federation (EMF), and the European Trade Union Federation – Textiles, Clothing and Leather (ETUF-TCL) issued a recent common and joint position on the Eurobonds debate aimed at the European Central Bank and the Council of the European Union.
General Secretaries Michael Wolters (EMCEF), Ulrich Eckelmann (EMF) and Luc Triangle (ETUF-TCL) warned banks again could be the nemesis of the real economy and the fight over Eurobonds must be put on hold while action is focused on supplying the real economy with liquidity instead.
The three federations said creation of a Eurobond market is no guarantee that banks will make necessary industrial investments with an economic environment that still allows speculation and opportunism to exist. This bodes badly for small- and medium-sized industrial enterprises, in particular, and lack of investment here could be a death knell.
“The recovery of industry – and hence millions of jobs – is seriously threatened,” stated the three federations. “It is foolish and short-sighted to exclusively focus on austerity measures despite the need to discuss budget consolidations and develop a fair framework for responsible governance.
Advocating the Financial Transaction Tax as a start, EMCEF, EMF, and ETUF-TCL said “sustainable investments are required to secure the stability of the real economy.” Necessary investments can be made by European Union future investment bonds which must be limited in time, related to specific projects, and financed by levies placed on the capital of wealthy speculators that caused the financial crisis in the first place.
General Secretaries Michael Wolters (EMCEF), Ulrich Eckelmann (EMF) and Luc Triangle (ETUF-TCL) warned banks again could be the nemesis of the real economy and the fight over Eurobonds must be put on hold while action is focused on supplying the real economy with liquidity instead.
The three federations said creation of a Eurobond market is no guarantee that banks will make necessary industrial investments with an economic environment that still allows speculation and opportunism to exist. This bodes badly for small- and medium-sized industrial enterprises, in particular, and lack of investment here could be a death knell.
“The recovery of industry – and hence millions of jobs – is seriously threatened,” stated the three federations. “It is foolish and short-sighted to exclusively focus on austerity measures despite the need to discuss budget consolidations and develop a fair framework for responsible governance.
Advocating the Financial Transaction Tax as a start, EMCEF, EMF, and ETUF-TCL said “sustainable investments are required to secure the stability of the real economy.” Necessary investments can be made by European Union future investment bonds which must be limited in time, related to specific projects, and financed by levies placed on the capital of wealthy speculators that caused the financial crisis in the first place.