Alternatives to reverse the crisis in Europe
by Eric Toussaint
This text proposes a series of concrete alternatives to counter the current crisis shaking Europe. It presents nineteen immediate measures that should be taken vis-à-vis finance in general and the banking sector in particular. In addition to these measures, it proposes to socialise the banking and insurance sectors, and to place them under citizen control. It then examines ten measures to be taken to reverse the crisis in a way that will be favourable to the vast majority of people. 1. Stopping austerity plans; 2. Repudiating all illegitimate, unsustainable, odious, and illegal public debt; 3. Cancelling all illegitimate and illegal private debt; 4. Increasing the resources of public authorities; 5. Decreasing inequalities by establishing fiscal justice; 6. Setting up legitimate government borrowing; 7. Developing and extending public services; 8. Strengthening the pension system based on intergenerational solidarity; 9. Radically decreasing working hours to guarantee jobs for everyone, and adopting an income policy that will bring about social justice; 10. Questioning the basis of the euro and taking action to build a different Europe, which would mean replacing the current treaties based on a true democratic process involving all the peoples of Europe. These are the propositions the CADTM is putting forward for discussion and debate.