Commenting on the conclusions of the European Council, European Trade Union Confederation General Secretary Esther Lynch said:
“In the week that both the ECB and IMF said profits are the largest contributor to inflation, it’s incredible that there is no mention of it in the Council’s conclusions on the social and economic situation and challenges. Greedflation is the elephant in the room. It is causing misery for millions of people.
“It is crucial to stop interest rate rises which are punishing the victims of inflation. EU leaders need to protect the most vulnerable, put an end to wage restraint and ensure that the real cause of this crisis is addressed through windfall taxes on excess profits in all EU countries and measures against profiteering.
“We also need public funds to create quality jobs and promote collective bargaining: funding and support to companies must come with strong social conditions.
“It would also be particularly reckless to respond to this prolonged cost-of-living crisis by introducing fiscal rules that would require austerity measures in half of member states from next year.
“The review of economic governance rules must show Europe has learned the lessons from the past and ensure that member states can properly fund public services, create quality jobs and meet the EU’s own targets for investment in social objectives and the fight against climate change.”
