fiscal compact

Statement from the conference organised by Corporate Europe Observatory and Transnational Institute on the 5-6th of May. The Austerity Treaty – or the so called Fiscal Compact - if implemented, would pose a direct threat to the welfare state across Europe and be a major obstacle to redistributive, progressive and socially just economic policies in the future. It also represents the latest attempt to turn economic policy into a technocratic endeavour outside of democratic control, with unelected bureaucrats in a powerful, decision making role.