The EU needs a common response to address systemic shocks

In two newly adopted opinions, the EESC gives updated views on the Commission's Annual Sustainable Growth Survey 2022, which outlines the upcoming economic and employment policy priorities for the EU, as well as on the Recommendations on euro area economic policy for 2022. The EESC calls for a balanced approach that does not jeopardise the EU's social and environmental goals.

The EESC stresses that, with energy and food prices rising, a social safety net for the most vulnerable should be established; with inflation at an all-time high, the European Central Bank should analyse the side-effects of its monetary policy, for example on growth and employment, while regarding the increase in public debt, progress is needed on the reform of the Stability and Growth Pact.

"We call for a balanced policy approach, which must protect fairness and environmental objectives, particularly in times of crisis", comments Judith Vorbach, rapporteur for the additional opinion on the Annual Sustainable Growth Survey 2022. "This approach is the basis for the EU's past, present and future prosperity and competitiveness, and for greater convergence and resilience".

Juraj Sipko, rapporteur for the additional opinion on the Euro area economic policy 2022, adds: "We must work together to address the unprecedented systemic shocks that the world is currently facing. Delaying the adoption and implementation of measures may have far-reaching consequences, not only in terms of material loss, but also in terms of human life". (tk)