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de Brún says No to the austerity six-pack

28 September, 2011 - by Martina Anderson MEP


Sinn Féin MEP Bairbre de Brún has voted against the six legislative acts on 'economic governance' as they "completely fail to address the actual cause of the crisis, or even to recognise where we are now".

Speaking in Strasbourg Ms de Brún said:

"The six legislative acts on 'economic governance' completely fail to address the actual cause of the crisis, or even to recognise where we are now.

"The proposals will not prevent a build-up of risks to the financial system. They will give the European Commission the power to impose substantial fines on member states and to prevent progressive governments from pursuing pro-growth policies.

"The austerity policies contained in these proposals make citizens pay for the excesses of banks and other financial institutions. They force member states to implement further cuts to social expenditure, undermine employment and social rights, and risk leading to a prolonged recession.

"The proposals will enable EU-institutions to make decisions on member states' budgets, and social and economic policy priorities, with little democratic debate and even less accountability.

"For all of us interested in a more just society, this is a missed opportunity to bring forward a regime of responsible lending for banks. We need the banks to avoid the reckless behaviour of the past, but also to provide capital for investment purposes when it is needed."

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