- Make the Greek debt-burden sustainable;
- Make the European Financial Stability Fund (EFSF) (and future ESM) an effective backstop;
- Recapitalise the European banks;
- Rebalancing the austerity-only approach;
- Strongly re-regulate Europe’s finance industry;
- Develop a comprehensive European tax strategy, including active fight against tax evasion and limiting avenues for tax avoidance;
- Establish a European Monetary Fund;
- Make the macro-economic surveillance framework operational and more balanced;
- Make the EU budget an instrument of economic policy, which will create a strong and relevant European Treasury.
- Launch a Green New Deal for Europe including:
- Putting the EU2020 targets on an equal footing with the stability and growth, and financial targets;
- More effective pricing of CO2 through a move to a 30% GHG emissions cut by 2020;
- Imposition of carbon stress tests to financial institutions, the introduction of climate risk as systemic risk into legislation, the promotion of green indices that indexed-based funds can refer to, the development of green banking, with tax incentives where appropriate;
- allowing the EIB to issue green bonds in order to foster green investments; Mandating public pension funds and incentivising private pension funds to allocate a proportion of their portfolio to green investments and companies.
- Mandating public pension funds and incentivising private pension funds to allocate a proportion of their portfolio to green investments and companies.
- Implement an energy transition to renewable energies, out of nuclear and fossil-fuels.
- Co-decide key economic policy guidelines;
- A Convention for a new Europe.
Picking up on the 12 point plan, my thoughts:
- The sentiment is right, but the language is wrong. Debt-burden is the wrong way to consider the debt. If society wants money, then it needs debt (as money is debt). The key is to ensure that debt is not a burden rather than getting rid of debt per se.
- Fine, as long as it works for sound ecological and social principles and not for the benefit of the rich elite.
- Hmm... we need banks but let's make them smaller and able to fail if they screw up.
- Absolutely!
- Ditto
- Ditto again, but European wide taxes should be limited to carbon and financial transactions (which in the 12 point plan they are)
- Same as 2.
- Yup
- Not keen. Bit too centrist but then you need one if you want 6.
- Happy with the Green New Deal but realistically overall economic growth is unlike in the medium and long term. There should be explicit statements about sector growth.
- As 9 - too centrist
- Possibly as we clearly need to revise the treaties but we also need to avoid further centralisation and ensure that democracy flows upwards from people and communities.
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