The European Trade Union Confederation (ETUC) continues to reject this approach and continues to campaign for a Pact for More Fairness and More Equality and against Austerity.
The basic thrust of the Competitiveness and Convergence Pact still remains to press all member states into a policy of downwards adjustment of pay. In particular, pay increases are to be limited to productivity, thereby implicitly barring wages from reflecting increases in prices. Such policy will systematically redistribute income from wages to profits, dividends and bonuses.
John Monks, General Secretary of the ETUC said today:
“It is important to continue the pressure starting with action in Romania on March 16, and action next week in Paris, Amsterdam, Brussels and London. As well as taking to the streets of Europe, we shall take our campaign to the Tripartite Social Summit on 24 March. Our fight continues.”