European Social Democrats support the idea of EU-wide bond mechanism

The Social Democrats are concerned with the response of the left to the current international economic crisis and with the defence of the welfare state in Europe, Senate Speaker Mircea Geoana told the conference titled ‘Economic recovery solutions: an approach by the European left.’

„The European Social Democrats back the idea of a EU-wide bond mechanism to represent a regulatory framework and a common shield against speculative attacks that will further occur on the economies and countries in the euro area or on non-member states.

We try to offer an alternative to the narrow and counterproductive variant of the right, which exclusively uses the fiscal consolidation, monetary levers and austerity measures, without laying emphasis on the necessity to invest in economic growth and social balance engines, such as education, research, development, innovation, infrastructure and an active industrial policy free of state intervention in the economy, where we should only speak of the need to rebuild the industrial base of European economy so that we no longer exclusively depend on transactions and financial speculation,” Geoana said.

He added that he also discussed with his fellow Europeans the „unacceptable manner whereby the right-wing government in Bucharest tramples on the principles of democracy and of social equilibrium by assuming responsibility [before Parliament] on sensitive and important issues,” such as the Education Law, the Labour Code, the Social Dialogue Code, including also the country’s engagement in decisions of European economic governance such as Romania’s joining the Euro-plus pact without parliamentary or national debate, the forwarding to Brussels of the National Plan of Reform and of the Convergence Plan, and particularly the recent decision to adopt the euro currency in 2015 „without any internal democratic consultation.’


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