Europe will only successfully emerge from the current economic crisis by deepening economic and political integration on the basis of responsibility, solidarity and commitment to common rules. But Europe needs more than a Fiscal Compact, which does not bring sustainable solutions to the crisis and will damage the livelihoods of many Europeans and deprive essential public services - including healthcare, welfare, infrastructure and education - from necessary funding. Besides the Fiscal Compact has been approved outside the EU institutional framework, thereby putting away the European Parliament.
The Greens/EFA group in the European Parliament are instead advocating for a Green Investment Pact, combining economic potential with sustainable development, giving the crisis countries a clear perspective and sufficient time to readjust their economies. This pact would be financed primarily through EU own resources, tax revenues and shifting expenditure. It must mainly focus on resource and energy efficiency, which will serve all EU, increasing employment, income equality and quality of the environment.
As some of the main elements of this Green Investment Pact, the Greens/EFA are pushing forward: