Austerity

With KPMG compiling an assessment of the “operational and fiscal challenges” of state-owned enterprises for the public purse on behalf of the European Commission, concerns about a new wave of privatisation arise.

A combined effect of EU-level policies and corporate lobbying is creating a pro-privatisation environment for healthcare provision in Europe. Our new research explores the EU policy areas – and the role of corporate lobbying – that encourages more privatised models of healthcare: marketisation, trade, public private partnerships, and economic governance.

The current struggle in France over labour law reforms is not just between the Government and trade unions – a European battle is waged. The attacks on social rights stem in no small part from the web of EU-rules dubbed 'economic governance', invented to impose austerity policies on member states.

The stubborn and aggressive imposition of privatisation by Troika goes against the will of Greek citizens and represents a direct attack on democracy.

Sign the petition to ‪cancel Greek debt‬

The actions of the European institutions ahead of the Greek elections seem hell bent on undermining a potential new Syriza government. The European Central Bank in particular is taking on an outright political role.

The ESM, the euro area’s permanent bailout fund set up in 2012, is an international organization that operates behind closed doors, far from public scrutiny. The institution at the heart of EU loans to debt-ridden member states is doing its best to stave off any national influence over the conditions attached to its loans. In addition it is working closely with private consultancies, which appear to have conflicts of interest. However, the ESM is immune to democracy; we have no right to know what it is up to.

A Tribunal on EU economic governance and the Troika took place in Brussels on 15-16 May. Eleven witnesses from ten countries in Southern, Eastern and Western Europe gave testimony to the failure of the EU and Troika policies to address the crisis. Indeed, people’s lives and livelihoods have been devastated by the austerity and other policy measures.

Since the start of the eurocrisis, the European Commission has gained significant new powers to monitor and intervene in government budgets at a member-state level in the name of ‘economic governance’. But power must be accountable.

Crucial decisions “to save the Euro” and “to save Greece” were made at the Euro Summits in July and October 2011. While the decision making process was taking place, the press reported several informal negotiations between EU leaders and the banks, mostly represented by the Institute of International Finance (IIF). What was exactly the role of this lobby group in the final decisions? And what did it get from the deal?

Giving the European Commission a central and dominant role in EU economic governance, without proper democratic control neither at the European nor at the national level, would be a dream-come-true for industry hardliners BusinessEurope, but a disaster for Europe.