Rome, 04/03/2010
Luigi, delegates and fellow guests.
It is a great pleasure to return to the UIL Congress and to have this opportunity for a short address.
It is my normal wish when returning to address a Congress to paint a picture of our achievements and successes since we last met, while of course tackling the challenges that are new or are still outstanding.
But since I was here last time, the world economy has had a heart attack caused by reckless and greedy speculation in the financial services sector. It started in New York, spread to London and then erupted elsewhere.
But since I was here last time, the world economy has had a heart attack caused by reckless and greedy speculation in the financial services sector. It started in New York, spread to London and then erupted elsewhere.
The American housing market and all the reckless derivatives it was carrying, exploded, to be followed by an explosion of Europe’s own property bubbles from Iceland to Ireland, Spain to the UK.
Italy’s financial sector was relatively unaffected but its exports and tax revenues were, as trade dried up, and as the tide goes out, we see some bubbles and scandals here and elsewhere.
What a challenge this is for Europe! The heart attack did not kill the patient but it put him on life support. The markets were all for that public support when demanding huge bail outs for banks.
Now the banks have some stability. Now workers and the real economy who need help. But now the markets want to turn off the life support. We are OK they say. The patient – that is, the banks – are strong enough to get back to business – and bonuses – as usual.
They care nothing for others who need intensive care – the young people looking for work, those in precarious employment, those dependent on welfare, the poor, the sick and needy, or for the need to green our economies.
Today we say, we demand, that Europe rescues its poor citizens, its workers, the unemployed, the vulnerable. We say – keep up the pressure to regulate the banks, the hedge funds and the other speculators.
Today we say, we demand, that Europe rescues its poor citizens, its workers, the unemployed, the vulnerable. We say – keep up the pressure to regulate the banks, the hedge funds and the other speculators.
But since I was here last time, the world economy has had a heart attack caused by reckless and greedy speculation in the financial services sector. It started in New York, spread to London and then erupted elsewhere.
And most of all, we demand that Europe practices solidarity, helping the poorer countries like Greece.
It was indeed a disgrace that the previous Greek Government, aided by Goldman Sachs, cheated the European authorities.
But that is not enough to sacrifice the standards of welfare, wages and pensions in Greece. The rich, the tax evaders, the barons of the black economy – these must pay the price and carry the heaviest burden.
That way, Europe upholds its social model. That way, Europe shows solidarity. That way, the euro confounds its critics, and, that way, we can move on to greater economic union.
There are great challenges for European trade unions but great opportunities too if we work even more closely together as a real trade union must.
Thank you for all your help. Best wishes to UIL and to all the Italian and European trade union movement for the future.