Companies and banks must publicly disclose where they operate and pay their fair share accordingly
To facilitate this, a single EU system to calculate companies’ taxable income needs to be put in place, reducing red tape. We need to strengthen the established list of tax havens and impose sanctions on tax evaders but also on the companies and people that assist them in designing the best schemes. Finally, in recent years many scandals have been denounced thanks to people’s testimonies. Whistleblowers need to be protected as they are fundamental in restoring tax justice. The EU must set high standards to crack down on tax evasion, but tax evasion is international and to tackle it efficiently a global response is also needed. The EU should support the creation of an international organisation, possibly under the UN, aiming at promoting social and fiscal fairness on a global scale.
9. We want an economy that does not gamble with people’s lives. We want to protect our citizens from the shortcomings of the financial sector, and while very important steps have already been taken with the Banking Union more needs to be done. Ensuring prosperity is not just a matter of ensuring progressive economic governance; financial stability is also crucial. Increasing financial sector regulation and oversight is equally important. After all, it was the financial sector that caused the economic crisis. Europe is creating a framework for monitoring and resolving banks that are in trouble, but this is not enough. The EU has put in place mechanisms, such as the European Stability Mechanism, to support economies hit by a significant crisis. This should be extended to provide guarantees that depositors will not have to suffer from a bank failure. It was taxpayers that had to pick up the bill of the financial crisis, and more has to be done to protect them. This means stronger financial regulation, greater guarantees that the banking sector will foot the bill for failing banks, and stronger safeguards for depositors and their savings no matter where their bank is located. The financial sector needs greater corporate transparency and accountability to fight against fraud and money laundering and promote better consumer protection. It also needs to become more user-friendly; access to information and services must reach everyone. Taxing financial transactions would help curb financial speculation and ensure that stock market trading contributes its fair share to society. Establishing adequate firewalls between commercial and investment banking remains one of our key objectives to better protect citizens.
10. We want an economy that respects democratic choices. Democratic accountability and responsibility are crucial for Europe’s integrity. This is true in financial and economic policy-making as well as elsewhere. Civil dialogue must be strengthened and democracy in the workplace must be supported. European institutions must be given a key role in these areas to ensure that they work to the benefit of all European citizens. The role of the European Parliament must be strengthened to promote more democratic accountability. The Eurogroup can no longer be left as an informal institution without parliamentary oversight. It must be given a permanent President, double hatted as member of the European Commission, fully accountable to the European Parliament.
The European Union is the best guarantee of a prosperous and more equal future for all citizens in our continent. But it is clear that the approach to economic and financial policy needs to be changed to achieve this. The conservative and liberal approach based on austerity drives people, regions, and countries apart. For us, what matters is to move towards cohesive and equal societies.
