Green economy  |  Publications  |  26.08.2011

A Pact for Sustainable Prosperity: The Green alternative for European economic governance

The European Union is at a crossroads. The crisis fuelled by debt and deregulation has the potential to accelerate the destruction of social cohesion and the political disintegration of the continent, driving us to irrelevance in the 21st century. Conversely, it is an opportunity for us all to achieve a quantum leap forward, enabling Europe to build a socially just and environmentally sustainable society based on a participative multi-national, multi-level democracy.

The common currency of seventeen Member States has improved Europe's internal market and their resilience in the face of the financial and economic crisis, initiated in 2007. If it is to stand, this monetary union requires convergent social and economic policies.

Guided by this conviction, the European Greens created a Pact that concurrently addresses the different aspects of the current economic crisis. Their vision of economic governance rests on four pillars that cannot be separated from each other: a macro-economic pillar, sustainable public finances, common financial instruments, and a healthy financial industry. At present, the European Union has taken steps in each of those pillars; however, the European Greens remain very concerned by the current blend of actions by the EU Institutions. In this document, the European Greens also reveal the incoherencies of some of the EU’s policies and propose solutions that will be more sustainable and socially just in these times of the triple financial, social and environmental crisis.    

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