Europe will only successfully emerge from the current economic crisis by deepening economic and political integration on the basis of responsibility, solidarity and commitment to common rules. Improving the life of European citizens must return to the heart of the agenda. Excessive economic and financial imbalances must be reduced, which includes excessive public and private debt. However, simply cutting public spending in all member states at the same time has exacerbated the crisis instead of resolving it. Short-sighted spending cuts have damaged the livelihoods of many Europeans and deprived essential public services - including healthcare, welfare, infrastructure and education - from necessary funding.
Europe needs a Green Investment Pact, combining economic potential with sustainable development, giving the crisis countries a clear perspective and sufficient time to readjust their economies. The pact should be financed primarily through EU own resources, tax revenues and shifting expenditure. It must mainly focus on resource and energy efficiency, which will serve all EU, increasing employment, income equality and quality of the environment.