A real alternative

We can offer a real alternative, putting Europe back on track for sustainable growth, while achieving greater social and tax justice.

Our work economic and monetary affairs

The toughest lesson to learn from the eurozone crisis is that sharing a currency without sharing economic and social goals leads to instability and goes against Europe's shared values. Our vision is to build a stronger union to tackle these imbalances and to complete the economic and monetary union (EMU) - with social justice at its heart.

We are also working hard to get ambitious action to fight tax fraud, tax avoidance and tax havens so Europeans can finally get tax justice.

Our achievements

The €315 billion investment plan launched in 2015 is one of the key achievements for the S&D Group since the 2014 elections. We insisted Juncker committed to this investment plan before the S&Ds would agree to support his Commission team. At the heart of the plan is the European fund for strategic investment (EFSI). The S&D Group also played a decisive role in the InvestEU on the fight against austerity.

The S&D insisted on and achieved a better degree of flexibility in the implementation of the Stability and Growth Pact. This was our response to the unnecessary harsh austerity measures and the absurd economic inflexibility that were imposed by conservative forces in Europe.

Our priorities

Investing to boost growth and create jobs

The Socialists and Democrats will continue to work hard to ensure the investment plan is successfully implemented, including the financing of riskier projects. We also need to ensure there is transparency, democratic accountability and compliance with the investment guidelines. EFSI must also find ways of reducing social and regional inequalities. The S&D Group will keep up the pressure for a more comprehensive European investment strategy.

Making economic and monetary union work

Flaws in the initial design of the eurozone have made the effects of the global economic crisis deeper and longer, resulting in huge economic costs, real suffering for ordinary citizens and political tensions within and between EU member states.

Without major reform to complete the economic and monetary union (EMU), the EU won't get over the financial crisis properly or achieve a successful model of democratic, sustainable, cohesive and competitive growth. To guarantee the EMU's long-term sustainability, EMU reforms also need to involve relaunching a dynamic process to bring the economic structures of each EU country and region closer together within an inclusive and competitive single market.

In order to achieve this, we want to complete the banking union with a European deposit-guarantee scheme and to work on the ability for the EU raise its own revenues for the eurozone (the fiscal capacity). We need to reform the economic and monetary union (EMU) to help reduce inequalities.

We also believe in fully integrating the European semester (the framework for co-ordinating economic policies between member states) and reviewing the Europe 2020 strategy as it reaches midway through its work. We need to strengthen the democratic accountability of the eurozone through the European Parliament and to ensure the EMU is also built on social justice (see our Social Rights campaign).

A responsible, regulated financial sector

We stand for root-and-branch reform of the financial sector, with effective regulation of banks, hedge funds and financial organisations.

These banks and companies brought the world to the brink of disaster in 2008 and provoked a recession that has cost millions of jobs and cut living standards across much of Europe.

We will back plans for a capital markets union which:

  • prevents systemic risks through adequate legislation

  • ensures strong supervisory mechanisms

  • defends a high level of protection for small and medium-sized enterprises (SMEs) and citizens

  • ensures capital-market financing complements - not replaces - bank lending.

MEPs involved

GUALTIERI Roberto
Chair
Italy
HEINÄLUOMA Eero
Member
Finland
BELKA Marek
Member
Poland
FERNÁNDEZ Jonás
Member
Spain
GILL Neena
Member
United Kingdom
LALUCQ Aurore
Member
France
MAVRIDES Costas
Member
Cyprus
MOLNÁR Csaba
Member
Hungary
REGNER Evelyn
Member
Austria
SANT Alfred
Member
Malta

See our latest actions

Press release

S&D Group achieved binding transparency rules for financial industry on the sustainability of investments

Press release

S&Ds say: No special treatment advocated by EPP-ECR-ENF alliance for MEPs in case of fraud suspicion.

Press release

S&Ds secure stronger surveillance of the financial sector and better consumer protection at the European level

Position papers

Position paper
Published:
The reform of the Own Resources system