But critics say the policy, known as austerity, won’t work.
Protests were held against the overhaul government spending. Pic/AP
Thousands of protesters gathered Tuesday in the capital of the European Union, calling for better public services, salaries and living conditions. The protest in downtown Brussels took place during EU negotiations over the new Stability and Growth Pact, which aims to limit debt and deficits for member countries. Nations seeking to spend their way out of a crisis would instead implement a set of economic policies such as budget cuts and tax increases. But critics say the policy, known as austerity, won’t work.
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The European Trade Union Confederation (ETUC), which represents 45 million members, claims the planned reinstatement of the Stability and Growth Pact will force 14 member states to cut a combined 45 billion euros ($49 billion) from their budgets in the next year alone. ETUC General Secretary Esther Lynch said a return to austerity “would kill jobs, lower wages, mean even less funding for already over-stretched public services and all but guarantee another devastating recession”.
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