The new direction of the European Commission and no doubt also the fear that the reaction of the Greek people against austerity could spread have led to two decisions in quick succession intended to make more flexible the dogma of European economic policy founded on improving the soundness of public accounts. Thus, the European Commission on 13 January 2015 presented a communication on a more flexible application of the rules of the stability pact, in particular to take account of the positive effects of the reforms undertaken in order to calculate compliance with the 3% deficit reference value (see press release). Then, on 22 January, the European Central Bank announced a vast asset purchase programme (see press release). In the view of the European Trade Union Confederation (ETUC), this measure “is necessary, but will not be enough to stimulate growth or create jobs”. For the DGB, this decision has come rather late and will not have much impact. “Monetary policy has reached its limits and it is time to launch a massive programme of investments,” explained Andreas Botsch, advisor to the DGB secretary general, Reiner Hoffman.
European Commission : Communication – “Making the best use of the flexibility within the existing rules of the Stability and Growth Pact”
Date of publication
13 January 2015
Available language
English
Country/countries concerned
European Union
Categories
Legislation
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