Papadimoulis on the quest for building on a new growth model for Europe

October 21, 2016
Written by E.Tsiliopoulos

Greek MEP and vice president of European Parliament Dimitris Papadimoulis underlined in Euroobserver that “in the broader context, the ECB has been called to deal with the eurozone’s catastrophic austerity politics that have almost frozen growth rates below 2% since 2010, weakened macroeconomic indicators, and created a suffocating, unfriendly environment for investments, especially in the European South.

Quantitative easing, which boosts eurozone’s economies with €80 billion every month, is still absolutely necessary in the absence of signs of a steady recovery. All these facts lead us to three major conclusions:

The first is that we have reached a point where even strong supporters of austerity seem incapable of convincing the public with their arguments.

The second is that the Greek government has built and broadened alliances within European institutions and member states that acknowledge not only the need to restructure Greece’s debt, but also to deliver another economic model for the eurozone that will be beneficial for all member-states rather than a small group.

The third and last point is that both the European institutions and the United States are moving in the same direction with regards to the Greek bailout programme – towards debt relief and, more broadly, the quest for building on a new growth model for Europe.”

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