A better future means protecting our planet and improving the lives of those who live on it. It also means that we need to rethink the way that our economy works.
Our societies are becoming more divided every day. The gap between the richest and the poorest is growing. Young people especially are becoming more at risk of poverty and finding it harder to be financially independent. With another economic crisis inevitable, things will likely get worse.
But what if the way we see the economy changes? By changing how and where governments invest and what is prioritised, we can choose the path to a more sustainable, equitable future.
This is why we need to reassess what constitutes so-called responsible and sustainable fiscal policy. Fiscal policy needs to serve societal goals, be better aligned with climate action and the transformation of our economies and societies towards an economy that works for the people and the planet. There will be no just and green transition without a consequent involvement of governments.
Austerity is an economic policy that cuts public budgets and often raises taxes to reduce public debt. It is unfair and inefficient, and it hurts young people more. In the 2010s, European institutions imposed such policies on national governments (including Spain, Greece, Italy, Portugal and Ireland), leading to turmoil for an entire generation. Read their stories. Fund our future.
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European society is presented with a challenge: how can we redesign the economy in such a way that it contributes to the wellbeing of the people and the planet?
Our position paper outlines the actions the European Commission and European governments need to take to ensure wellbeing, sustainability and intergenerational justice drive economic policy.
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