Eurozone summit: Europe needs solidarity

Brussels, 20/07/2011

The ETUC is following with great concern the evolution of the economic and financial situation, particularly in certain Eurozone countries. Division and hesitation are feeding speculation and intensifying distrust and insecurity. European workers are suffering the repercussions of this dangerous dithering on a daily basis. On 21 July, the Eurozone summit offers the opportunity to turn the tide. The solutions found there will be European responses or are unlikely to emerge. Key elements include collectively reducing the debt burden, by lowering interest rates on sovereign debt (eg: Eurobonds), a financial transaction tax, the end of tax havens and tax evasion, and the allocation of unused structural funds to support sustainable investment.

“All Europeans have an interest in a solution building solidarity. The crisis of confidence in the single currency threatens to spin into a crisis of the whole European project” said Bernadette Ségol, ETUC General Secretary. “Returning to national solutions will be counter-productive. We need mechanisms based on economic solidarity. This is the only way to guarantee growth and employment”.