The topic, which has been present in the inter-institutional economic negotiations throughout the last year, has today finally reached the plenary voting in the European Parliament. Older colleagues, European parliamentarians, have referred to it as one of the most important voting sessions in this mandate.

The package of six legislative proposals for economic governance of the EU is a new set of European legislation, which is proposing an increase of national austerity measures and attempts to strengthen budgetary control in member states. The so called “6 pack” is tightening the conditions of the Stability and Growth Pact (SGP), introducing new controls for macroeconomic imbalances around EU and thus targets not only fiscal but also other economic policies of member states.
Miss Kleva and members of the Group of the Progressive Alliance of Socialists & Democrats in the European Parliament only partially supported proposed legislative package, as they believe it mostly continued to represent ideas of the misguided conservative politics, which lead Europe into the current crisis in the first place. The "6 pack" thus did not represent a socially balanced legislation.

MEP Kleva voted against some proposals in the “6 pack” because they did not leave enough space for new investments, growth and creation of new jobs, all of which Europe urgently needs more of. Without economic growth it is hard to expect from the member states that they will manage to consolidate their public debts in required timeframe. The EU cannot allow these new austerity measures to further social crisis ravaging through some member states and thus put in danger European unity and common future.

European markets and citizens in this moment do not need austerity measures, which cannot guarantee new investments and increase consumer demand; they do not need measures, which do not foster economic growth and create new working places; and they do not need measures, which do not put enough attention to revival of the European economy, without which the return to strong, healthy public finance systems will be excruciating and long-lasting.

Member states, which are currently most affected by the crisis, of course do have to change governing of their public financial systems and face implementation of certain austerity measures. However, all those measures will certainly not succeed in reviving the economy if they are not backed up by growth-oriented proposals from the European institutions, especially the main legislative body of the EU - the European Commission.

The absence of the efficient measures and fast initiatives for revitalization of European public finances, which should be prepared by the European Commission in the last months if not years, should not continue on endlessly. The Commission has to put the community method in the center of its proposals and delegate more democratic overview to the European Parliament in this process.

The message of financial ministers and central bank governors from IMF member states, which gathered last Saturday in Washington and committed themselves to take tackle the threats to European and global economy, has also been clear. The IMF is willing and ready to support the EU in the anti-crisis measures; however, it expects faster, clearer and more efficient proposals tabled by the Commission. These proposals have to deal with measures beyond sole austerity concerns, as without economic growth Europe will not come out of the crisis any time soon.

For more socially balanced solution to the crisis

MEP Kleva also supports the opinion that sustainable fiscal consolidation is possible only, if member states grow out of the crisis together. Today it is a prime time for the EU to face its imperfect euro-zone architecture and stops blaming only weak member states, which accumulated their rising public debts and current deficits also due to the general belief that the euro-zone can survive without any coordination of fiscal policies.

Group of the Progressive Alliance of Socialists & Democrats in the European Parliament wants to see fast concretization of promised solutions proposed by the Commission's president Barroso in his State of the Union speech, on points of financial transaction tax, introduction of Eurobonds and further definition of consolidation of fiscal policies of member states.

At the end it is also important, points out MEP Kleva, that the European Commission in its actions does not forget the banking sector, which needs to carry a share of the crisis burden. European taxpayers have spent enough to help the crippling banking sector to recover; it is now time for the banks to chip in as well.