Sven Giegold: Deficit reduction but socially justified

Adelina Marini, July 10, 2011

European Union's economic governance has been the leading topic for Europe for the past year. It will continue to be since a compromise has not been reached between the European Parliament and the Council on European Commission's six pack, aimed at tightening member states' fiscal discipline and for closer coordination of economic and budgetary policies. euinside writes actively on all the issues, related to economic governance and more - we got involved in the debates. As part of the project, financed by the European Parliament - European Parliament on your websiDe - we organised a discussion in the European Parliament precisely on the eve of the voting of the six pack, with the participation of MEPs from the three largest political groups - the European People's Party (EPP), the Socialists and Democrats (S&D), the Alliance of Liberals and Democrats for Europe (ALDE).

A representative of the group of the Greens/European Free Alliance also had to take part in the discussion but because of his busy agenda we spoke to Sven Giegold separately on the next day. This in fact enriched the discussion, instead of harming it, because we spoke to him after the voting from which it became clear that the Greens had voted against three of the six reports. In many aspects the Green's position overlaps with that of the S&D, especially in terms of the measures for budget deficit reduction which should not to be for the sake of future investments and social payments. Deficit reduction yes, but not for the sake of social justice, is the main position of the Greens.

With Sven Giegold we also spoke about the macro economic imbalances in Eastern Europe, about the reasons for the crisis in Greece, about France and Germany and on another very important topic - Mario Draghi's nomination for chief of the ECB. He will succeed Jean-Claude Trichet in November, but the German MEP has serious reserves, related to Mr Draghi's past as a vice president for Europe in the American investment bank Goldman Sachs.

euinside is covering the European Council onJune 23 and 24, 2011