Magazine article European Social Policy

Financial Crisis : Social Partners Want Improvement to Eu Macroeconomic Framework

Magazine article European Social Policy

Financial Crisis : Social Partners Want Improvement to Eu Macroeconomic Framework

Article excerpt

At a "macroeconomic dialogue at political level," held on 3 November, the social partners expessed concerns about the future of the EU markets and asked for "better frameworks". BusinessEurope, the EU's biggest business lobby, pleaded for wage moderation in order to avoid "second-round inflation". Their 2009 inflation forecast is 2.4% for the EU27.

Another pessimistic view came from Caspar Einem, president of CEEP, the EU public employers' organisation, who said that "the crisis will involve great societal costs". Einem said that the EU has been blind while it believed in the "magic of deregulated markets far beyond what economic textbooks suggest". He called for a "better" regulation for the markets that would ensure stability in the area of services of general interest.

In its newsletter of 3 November, the European Trade Union Confederation, ETUC, called for new possibilities "to build a better system" that would ensure that in the future prosperity is for everyone and "not just for the privileged few". ETUC asks the European political leaders to take measures for "a radical change" to end the "speculation and greed of certain banks and hedge funds". ETUC says that in the short term the workers, small businesses and retired people will need money and "not just banks".

Speaking for BusinessEurope, Director-General Philippe de Buck said the European Council should implement the joint European action plan "effectively" and should "avoid harmful distortions to the internal market". …

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