07/11/19

Responding to the Autumn 2019 Economic Forecast published today by the European Commission, ETUC General Secretary Luca Visentini said:
“The Commission’s economic forecast shows Europe rests on the edge of another recession despite the fact that workers’ living standards still haven’t recovered from the last financial crisis. Even the good overall employment rate is based on a rise in precarious work.

“Europe cannot afford another recession so leaders must act quickly to restore economic confidence and demand by boosting public investment to create good quality jobs and give workers the pay rises they have been waiting for since the recovery.

“Given that net investment as a share of GDP is still below 2008 levels, there’s still space to increase spending, which should be targeted at preparing for the ecological and digital transitions. The Commission should also exclude sound public investment when calculating country deficits."

Mr Visentini made these points at a high-level meeting on economic policy hosted by the European Council today, which was attended by European Commission Vice-President Valdis Dombrovskis, ECB President Christine Lagarde and Eurogroup President Mario Centeno.