Macro-Economic Dialogue: the social partners must be full players in the financial stability process

Brussels, 16/11/2010

On the eve of an important Economic and Financial Affairs Council (ECOFIN), John Monks commented: "The philosophy of the European Financial Stability Facility (EFSF) appears cutting expenditure, reducing debt, putting pressure on wages and social spending and making labour markets more flexible. Established gains by trade unions are widely under attack. A first step would be to involve the social partners from the countries concerned by austerity measures. We cannot be mere spectators."

Speaking notes addressed by John Monks at the Macro-economic Dialogue on 16 November 2010:

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