We appeal to European Institutions and governments with a sense of urgency, our population is suffocating from the Corona COVID-19 virus, physically and economically. Nobody should have to choose between protecting themselves and their loved ones, or keeping their job and income, potentially putting themselves and others at risk.
We need to act and to act bold. We fear that the tools and funds put now on the table by governments and European Union institutions will not be enough. The full use of the flexibility of the Stability and Growth Pact will be like drops in the ocean, if not accompanied by additional measures. The emergency clause of the Fiscal Compact must be activated.
We urge all financial institutions not to profit from this unprecedented health emergency and prevent an economic shock. Therefore, we recommend the rapid implementation of the following measures:
- Suspending stock exchanges immediately: after the unprecedented falls in stock markets all around the world, companies and workers will inevitably suffer and struggle to access credit.
- Decreasing the European Central Bank marginal lending facility rate to zero percent or less (presently at 0,25%), decreasing the interest rate on the main refinancing operations rate below -0,75%, and decreasing even further into negative territory the deposit facility (presently at -0,5%) to allow and incentivise banks to maintain economic activity.
- Make the European Central Bank really ready to do “whatever it takes”, meaning being ready to an unlimited reload of the ‘bazookas’ of the Outright Monetary Transactions and Quantitative Easing. As a complement, the European Central Bank capital key could be temporarily put aside for financial stability purposes, some Member States will be more in need than others.
- Prevent financial institutions from making loans at positive interest rates to both European Member States and small and medium sized businesses. Small and medium size enterprises are going to either stockpile, or stop their activities, and see their activities locked down if no additional support is provided. We ask all financial institutions, not only national promotional banks and the European Investment Bank, but also private banks, to be prevented from making interest on loans, to enable businesses to navigate until the end of the crisis. If this cannot be achieved by incentivises, governments must act by decree or/and ensure a guarantee at national level, to be backed at the EU level.
- The European Stability Mechanism must play a role in this regard, and we urge governments to make sure it can raise money at zero or negative interest rate and lend money to Member States, with the measures described above. Member States could moreover use the precautionary credit lines available under the European Stability Mechanism treaty, but without any conditionality.
- Additionally, the option of helicopter money from the European Central Bank should be seriously considered, to bypass a broken banking transmission mechanism, if needed, as a way to cope with the decrease in economic activity, support workers’ income and prevent deflation.
- Special measures should be taken for regulating price movements on vital products and housing, any abuses in this emergency should be severely condemned.
We must make sure that the emergency measures that should be put in place now, will be followed by more structural and sound measures to promote investment and sustainable economic development. We must take advantage of the current Review of the Economic Governance in the European Union recently launched by the European Commission: a complete revision of the European fiscal framework is absolutely needed, on sound economic principles.
Public services and public service workers are doing an incredible job in protecting and caring for the population during this unprecedented crisis, and now is the time to ensure that they can be financed sustainably in the future by clamping down on tax avoidance and evasion. Congratulations are welcomed, financing is needed.
Clearly, more than ever, fiscal transfers between Member States by one means or another, and a European central fiscal capacity issuing a safe asset, are required at this time, but it seems that such goals are not yet achievable.
Ultimately, this is about democratic control of our financial system and taking the necessary measures to save people’s livelihoods and economic activity. Acting fast and acting together is the only effective answer to a crisis that affects us all.
We must act together if we do not want all this to degenerate into petty and divisive nationalism. We must act together because we face the same threat, and the virus that does not stop at borders. Let’s act in solidarity, for the freedom of the people, and our common goods. Together we are stronger.
List of signatories will be regularly updated
Economists:
Dr Poul Nyrup Rasmussen, Economist, Former Danish Prime Minister, Denmark
Pr Dr Gustav Horn, Director of the Macroeconomic Policy Institute at the Hans Boeckler Foundation, Germany
Pr Paul De Grauwe, Economist, London School of Economics, Belgium/UK
Lord Meghnad Desai, Economist, House of Lords, UK
Dr László Andor, Former EU Commissioner for Employment, Social Affairs and Inclusion, Senior Fellow, Hertie School Berlin, Hungary
Stephany Griffith-Jones, Economist, IPD Director, Columbia University, UK/USA
Pr Joerg Bibow, Economist, Skidmore College, USA
Dr Gabrielle Siry, Specialist in Financial regulation and spokeperson of the Parti socialiste, France
Dr Aurore Lalucq, Economist, Member of the European Parliament, Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, Parti socialiste, France
Guillaume Duval, Columnist, Alternatives économiques, France
Albert Recio, Economist, Editor of Mientras Tanto magazine, Spain
Dr Carlos Martìn Urriza, Head of Economic Department, CCOO, Spain
Pr Ozlem Onaran, Economist, Director of Greenwich Political Economy Research Centre, University of Greenwich, UK
Dr Dirk Ehnts, Economist, Technical University of Chemnitz, Germany
Dr Philipp Heimberger, Economist, Wiener Institut für Internationale Wirtschaftsvergleiche, Austria
Emer Pr Carlo Benetti, Economist, University of Paris Nanterre, France
Dr Jorge Fabra Utray, Economist, President of Economistas Frente a la Crisis, Spain
Pr Cecilia Castaño, Economist, UCM, First Vice-President of EFC, Spain
Antonio González González, Economist, former General Secretary for employment, Vice-President of Economistas Frente a la Crisis, Spain
Philippe Portier, National Secretary for Economic Policy, sustainable development and social dialogue, CFDT, France
Pr András Inotai, former Director General, Institute of World Economy of the Hungarian Academy of Sciences, Hungary
Paul Fox, Research and Advocacy Officer, Finance Watch, Europe
Pr Luis Rubio Andrada, Applied Economics, Universidad Autónoma De Madrid, Spain
Paolo Reboani, Presidente comitato economico sociale, Fondazione Craxi
Thomas Greuse, Economist, ACV-CSC, Belgium
Dr Michael Taft, Research Officer, SIPTU Trade Union, Ireland
Dr Patrizio Lainà, Chief Economist, STTK, Finland
Dr Ana Isabel Viñas Apaolaza. Economist, UAM, UGT, Spain
Renaat Hanssen, Economist, AVC-CSC, Belgium
Dr Paul Sweeny, Chair TASC Economists Network, Ireland
Dr Sotiria Theodoropoulou, Senior researcher, ETUI, Europe
Dr Matthieu Méaulle, Economist, ETUC, Associate member, PHARE/CNRS, University Paris Nanterre, Europe/France
Pr Isabelle This Saint-Jean, Economist, University Sorbonne Paris Nord, France
Dr Philip von Brockdorff, Department of Economics, University of Malta
Dr Tom McDonnell, Co-director, NERI, Ireland
Bruno Estrada, Economist, Advisor at the Labour Ministry, Spain
Marko Subotic, Economic Policy Advisor, Union of Free Trade Unions, Montenegro
Pr Gustavo Matías Clavero, Structure and Development Economics, Faculty of Economics and Business, Universidad Autónoma de Madrid, UAM, Spain
Nathalie Lambert. Professor in Economist, France
Emer Pr Carlos Berzosa, Applied Economic, UCM, USA
Enrique Viaña, Professor of Applied Economic, UCLM, Spain
Alberto Montero Soler, Teacher of Applied Economic, Universidad de Málaga, Spain
Pr Mónica Melle Hernández, Financial Economics and member of Economistas Frente a la Crisis, Spain
Pr Juan Antonio Maroto Acín, Financial economics and accounting Universidad Complutense De Madrid, Spain
Pr Maria Emilia García Pérez, Financial Economics and Accouting, Universidad De Castilla La Mancha, Spain
Pr Gemma Carmen Fuentes Calle, Financial Economics, Universidad De Extremadura, Spain
Pr Carles Manera Erbina, Economic History, University of Illes Balears, Spain
Pr Miguel Ángel García Rubio, Applied Economics, Universidad de Granada, Spain
Dr José Molina, President of the Transparency Council of the Murcia Region. Honorary President of the Open Chair. Member of EFC, Spain
Dr Julio Rodriguez Lopez, Economist, Member of the Higher Statistics Council, former president of the Banco Hipotecario de España. EFC Board Member, Spain
Pr Juan Torres López, Professor in Economics, University of Sevilla, Spain
Gaspar Llanes Díaz-Salazar, General Coordinator of the Strategic Plan for Seville 2030. Economist, Former Secretary General Economy Junta de Andalucía 2010-2019, Spain
Linda Romele, Expert of education and employment issues, Free Trade Union Confederation of Latvia
Mārtiņš Svirskis, Economic adviser, Free Trade Union Confederation of Latvia
Nicolò Giangrande, Economist, University of Salento, Italy
Guido Ortona, Professor of economics (retired), Università del Piemonte Orientale, Italy
Markus Marterbauer, Chief economist, Chamber of Labour, Vienna, Austria
Marco Wagener, Senior economic advisor, Chambre des salaries, Vice-President of the Economic and Social Council, Luxembourg
Daniela Palma, Economist in Italian National Research Agency (ENEA), Italy
Felix Martes de Brito, Economic Advisor, Chambre des Salariés, Luxembourg
Emer Pr Raymon Tortajada, Economist, Université de Grenoble Alpes, France
Yuemei Ji, Associate Professor of Economics, University College London, UK
Zoltán Pogátsa Economist, sociologist and university lecturer/SZEF, Hungary
Ruggero Paladini, University of Rome La Sapienza/CGIL Italy
Philippe Frémeaux President of l’Institut Veblen pour les réformes économiques
Dr Bela Galgoczi, senior researcher, European Trade Union Institute
Academics:
Pr Antonio Baylos, Labour Law and Social Security, UCM, Spain
Pr Ruth Rubio, Constitutional Law, University of Seville and Board of Directors Economists facing the Crisis, Spain
Pr Margarita Barañano, Director of the Department of Applied Sociology, UCM, Spain
Pr Slavo Radosevic, Industry and Innovation Studies, School of Slavonic and East European Studies, University College London
Dr Adoración Guamán, Labour Law, Universidad de Valencia, Spain
Pr Maria Jose Romero, Labour Law and Social Security, Dean of the Faculty of Industrial Relations, UCLM, Spain
Emer Pr Joaquin Aparicio, Labor law and social work, UCLM, Spain
Pr Juan López Gandia, Law and Social Security, Universidad Politécnica de Valencia, Spain
Pr Amparo Merino, Labour Law and Social Security, Dean of Faculty of Social Sciences, university of castilla la mancha, Spain
Pr Margarita Ramos, Labour Law and Social, Universidad de La Laguna, Spain
Pr Wilfredo Sanguineti, Law and Social Security, Universidad de Salamanca, Spain
Pr Carlos Alfonso Mellado, Labour Law and Social Security, Universidad de Valencia, Spain
Pr Carolina Moreno, Labour Law, Universidad de Oviedo, Spain
Pr Eva Garrido Perez, Labour Law and Social, Universidad de Cádiz, Spain
Pr Carolina Martínez Moreno, Professor of Labour Law and Social Security, Universidad de Oviedo Spain
Pr Angel PINO, Chinese Studies, Université Bordeaux Montaigne, France
Emer Pr Frédéric Lambert, Linguistic, Université Bordeaux Montaigne, France
Dr Juan Ángel Organero Gallego, Physical Chemistry, Universidad De Castilla La Mancha
Dr Véronique Rauline, English Studies, Université Nanterre, France
Pr Gilles Col, Linguistic, Université de Poitiers, France
Pr Manuel Ortega Cantero, Technologies and information systems, Universidad de Castilla La Mancha, Spain
Pr Faustino Hermoso Ruiz, Computer Languages and Systems, Universidad de Extremadura, Spain
Pr Ramon Sans Fonfría, Chemical Ingeenering, Universidad Politécnica de Madrid, Spain
Pr Benjamin Rey Sanjurjo, Agroforestry Engineering, Universidad de Santiago de Compostela, Spain
Pr Jaime Cabeza Pereiro, Labour Law and Social Security, Universidad de Vigo, Spain
Pr Juan Carlos Álvarez Cortés, Labour Law and Social Security, Universidad de Málaga, Spain
Pr Jesus Cruz Villalón, Labour Law and Social Security, Universidad de Sevilla, Spain
Dr Amparo Serrano, Social Psychology, UCM, Spain
Pr Edurne Terradillos, Labour Law and Social Security, EHU/UPV, Spain
Pr Rafael Gomez Gordillo, Labour Law and Social Security, Universidad Pablo de Olavide, Spain
Pr Francisca Ferrando, Labour Law and Social Security, Universidad de Murcia, Spain
Pr Mari Carmen López Aniorte, Labour Law and Social Security, Universidad de Murcia, Spain
Pr Eva Garrido Pérez, Labour Law and Social Security, Universidad Cádiz, Spain
Pr Antonio Oña Sicilia, Sport sciences, Universidad de Granada, Spain
Pr Roque Moreno Fonseret, Contemporary History, Universidad De Alicante, Spain
Pr José Cabezuelo Pliego, Medieval History, Universidad De Alicante, Spain
Pr Joaquín Plumet Ortega, Organic Chemistry, Universidad Complutense de Madrid, Spain
Pr Josefa Isasi Marín, Organic Chemistry, Universidad Complutense de Madrid, Spain
Pr Andres Perales Agüera, Mining Engineering, Universidad Politécnica De Cartagena, Spain
Pr José Manuel Gavilán Ibañez, Psychology, Universidad Rovira I Virgili, Spain
Pr Manuel Munuera Giner, Agricultural Engineering, Universidad Politécnica de Cartagena, Spain
Pr Enrique Arribas Garde, Applied Physics, Universidad de Castilla La Mancha, Spain
Pr Montserrat Tesouro Cid, Pedagogy, Universidad de Girona, Spain
Pr Eulalia Guiu Puget, Pedagogy Universidad De Girona, Spain
Pr Marc Tarres Vives, Financial and Tax Law, Universidad de Barcelona, Spain
Pr Ernesto De La Cruz Sanchez, Sport Scienes, Universidad de Murcia, Spain
Pr Pedro Javier García, Computer Architecture And Technology, Universidad de Castilla La Mancha, Spain
Pr Carmelo Faleh Perez, Private Law, Universidad de Las Palmas De Gran Canaria, Spain
Pr Josep Ramon Gonzalez Castro, Mechanical Engineering, Universidad De Girona, Spain
Pr María Del Pino Dominguez Cabrera,Commercial law, Universidad de Las Palmas De Gran Canaria, Spain
Pr Pastora Calvo Hernandez, Psychology, Sociology and Social Work, Universidad de Las Palmas De Gran Canaria, Spain
Pr Nicolas Navarro Batista, Public International Law, Universidad De Las Palmas De Gran Canaria, Spain
Pr José Luis Pérez Calvo, Administrative law, Universidad de Las Palmas De Gran Canaria, Spain
Pr Riccardo Cappellin, Management and Law University of Rome "Tor Vergata", Italy
Salvatore Biasco, Statistics and Demography, Università La Sapienza di Roma, Italy
Prof. Andrea Guazzarotti, Associato di Diritto costituzionale, Università di Ferrara, Italy
Christos Pierros, Senior Researcher Labour Institute INE-GSEE, Teaching Fellow University of Athens, Greece
Mario Noera, Bocconi University Milan
Prof. Ivano Dionigi, Former Rector of the University of Bologna, President of AlmaLaurea Inter-University Consortium
Personalities and organisations:
Elio Di Rupo, Ministre-Président de Wallonie, Former Prime Minister of Belgium
Sergei Stanishev, President, Party of European Socialists, Europe
Paolo Reboani, President of the Social and Economic Committee, Fondazione Craxi, Italy
Eric Andrieu, Member of the European Parliament, Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, Parti socialiste, France
Pierre Larrouturou, Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, Nouvelle Donne, France
Brando Benifei, MEP, Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, Europe, Italy
Erasmo Palazzoto, Italian MP, Italy
Cécilia Gondard, National Secretary for gender equality,Parti scialiste, member of the Executice Committee of PES Women, France/Europe
Maurice Braud, member of the Nationa Board Parti socialiste, member of the European Council on Foreign Relations, administrator of CIFE, vice-president of the University Office of Socialist Research
Myriam El Yassa, National secretary of the Socialist Party in charge of discrimination, France
Francisco Aldecoa Luzarraga, President of the Spanish Federal Council of the European Movement, Spain
Carlos Trias Pintó, EESC Member on behalf of the Spanish Consumers Council, Europe
Éva Palócz, General Director, Kopint-Tarki Zrt, Hungary
Ann Pettifor, Author, Winner of Heinrich Boll Stiftung's Hannah Arendt Prize, 2018, Council Member of the Progressive Economy Forum, Director of the Policy Research in Macroeconomics, UK
Oxfam, NGO
Stan Jourdan, Positive Money, NGO
Fabrice Hamaide, Chief Financial Officer, USA
Stéphane Hamaide, Group Accounting Director, France
László Andor, Ex EU Commissioner for Employment, Social Affairs and Inclusion, Hungary
Enrique Barón, Former President of the European Parliament, Europe
Dr. Robert Sweeney, Policy Analyst, TASC
Gabrielle Siry LLM, Specialist in Financial regulation and spokesperson of the Parti socialiste, France
Petros Fassoulas, Secretary General, European Movement International (in personal capacity)
Trade union leaders and trade unionists:
Isabel Cano Aguilar, Vice-President, European Economic and Social Committee
Nora Back, President, OGBL, Luxemburg
Carmelo Barbagallo, General Secretary, UIL, Italy
Laurent Berger, President, ETUC, General Secretary, CFDT, France
Pierpaolo Bombardieri, Deputy General Secretary, UIL, Italy
Leonard Brascu, President, CNSLR-FRATIA, Romania
Zeljko Buric, President of Trade Union of Telecommunication of Montenegro
Victor Carachi, President, GWU, Malta
Liina Carr, Confederal Secretary, ETUC
Nicola Cicala, FISAC, CGIL, Italy
Rudy De Leeuw, former President ETUC and ABVV/FGTB, Belgium
Javier Doz, EESC member, ECO Section, Deputy to the General Secretary of CCOO, Spain
Cristina Faciaben, Confederal Secretary for International and Cooperation, CCOO, Spain
Susan Flocken, European Director, ETUCE, Europe
Annamaria Furlan, General Secretary CISL, Italy
Jesus Gallego Garcia, Secretary for International policy, UGT, Spain
Jan Willem Goudriaan, General Secretary, EPSU, Europe
Károly György, International secretary at Trade Union Confederation MASZSZ, Hungary
Per Hilmersson, Deputy General Secretary, ETUC
Sylvain Hoffmann, Director of Chambre des salariés, Luxemburg
Srdja Kekovic, Secretary General, Union of Free Trade Unions of Montenegro
Marc Leemans, President, ACV-CSC Union, Belgium
Vesna Milonjic Aleksic, President of Trade Union of Commerce Workers, Montenegro
Mette Nord, President, EPSU, Europe
Mladen Novosel, President, SSSH, Croatia
Sandra Obradovic, President, Trade Union of Metal Workers, Montenegro
Yvan Ricordeau , Nation Secretary for european and international policy, CFDT, France
André Roeltgen, former President, OGBL, Luxemburg
Borislav Pavlovic, President of Craft Union of Taxi Drivers of Montenegro
Bojana Percan, Executive Secretary for City of Zagreb, Commercial Trade Union, Croatia
Andrzej Radzikowski, President, OPZZ, Poland
Oliver Röpke, President of the EESC Workers' group, Europe
Fernando Rocha Sánchez,Director of Studies and Projects, Fundación 1 de Mayo, CCOO, Spain
Dr.oec. Linda Romele, Expert of education and employment issues, LBAS, Latvia
Isabelle Schömann, Confederal Secretary, ETUC
Marie-Hélène Ska, General Secretary, ACV-CSC, Belgium
Unai Sordo General Secretary, CCOO, Spain
Josef Stredula, President, CMKOS, Czech Republic
Pepe Alvarez Suarez, General Secretary, UGT, Spain
Mārtiņš Svirskis Economic adviser, LBAS, Latvia
Miranda Ulens, General Secretary, FGTB-ABVV, Belgium
Robert Vertenueil, President FGTB-ABVV, Belgium
Luca Visentini, General Secretary, ETUC
Ludovic Voet, Confederal Secretary, ETUC
Vukasin Zogovic, President, Trade union of University of Montenegro
