No sign of investment boost in national spending plans

Commenting on the national spending plans approved today by the European Commission, ETUC Confederal Secretary Ludovic Voet said:

"These plans bear no resemblance to the economic challenges faced by Europe, its industries and workers."

"Just weeks after Mario Draghi said Europe needs to increase investment by 800 billion a year, there is no sign in these plans of the investment offensive needed to protect quality jobs under threat across Europe now and ensure our economies stay competitive in the longer term.

"Instead, austerity continues unabated through cuts to public services, social protection and pensions. Life will get harder for working people while a lack of progressive tax reforms, with the exception of Spain, means major corporations and the richest individuals won't pay a Euro more.

"These disappointing national plans could have been avoided if member states and the Commission had involved social partners in their preparation, as trade unions and businesses representatives jointly called for last month.

"These plans make clear once again that the Stability and Growth Pact places self-defeating restrictions on member state spending. Europe needs a fiscal policy which promotes investment, prioritises the wellbeing of working people and protects the planet."