Transforming the European Union: The treaties & the institutions

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Presentation transcript:

Transforming the European Union: The treaties & the institutions Transform! Europe Navigating the Left’s Strategies vis-à-vis Europe in Times of Multiple Crises Vienna Transforming the European Union: The treaties & the institutions 17 October 2017 10:50-12:20

Changing the Treaties to Democratize Economic Governance John Weeks Progressive Economists Group London

What are we trying to save?

A European Union in which economic policies are determined democratically so national governments & the European Union can implement policies in the interests of the vast majority of citizens.

What do we have?

non-democratic procedures. A European Union in which neoliberal economic polices are treaty-embedded & implemented through non-democratic procedures.

Authors: Jeremy Smith & John Weeks

Rosa Luxemburg Foundation March 2017 with the support of the Rosa Luxemburg Foundation For their advice and contributions we thank Antonella Stirati and Engelbert Stockhammer.

Major points Ideological bias in treaties Our study provides article-by-article changes Unsound design of economic rules Rules for the wrong reasons Undemocratic application & enforcement Existing rules technically wrong Examples: Public debt & fiscal deficit De facto flexibility vs Different Rules

Problems of Economic Governance 1. EU purpose, amend TEU, Article 3.3 2. Requirement to join euro zone 3. Governance & mission of ECB 4. “State aid” & industrial policy 5. “Maastricht rules” debt, deficit, inflation 6. Internal trade imbalances 7. Capital mobiliy 8. “4th Freedom”, open bidding on state services 9. Tax harmonization

Public debt: treaty flaws Wrong measure (gross, net, net of publicly held debt) Wrong analysis (public debt simultaneously private asset) Wrong problem (danger is private debt)

General government gross & net debt, 20 EU member countries 2015, % of GDP

General government gross, net & net non-government debt 9 EU countries 2015, % of GDP

Fiscal Balance: Treaty flaws Wrong measure (primary not overall) Wrong analysis fiscal deficit is not a problem, it is solution to sound economic management

Overall & primary fiscal balances for 20 EU member countries 2015, % of GDP

De facto flexibility vs Different Rules Problem not the rules/treaties Everyone breaks them/“work around” argument Changing treaties too difficult to be practical Problem is the rules/treaties Country size – the powerful & weak Problem of asymmetry Current rules do not address real problems of economic political integration “Hostages to fortune”

To reform the European Union Re-write the treaties

a social democratic Britain Policy proposals for a social democratic Britain https://peg.primeeconomics.org/