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Last week we witnessed three important events that challenged austerity policies led by the EU to the core. My question is how long will it take the Commission and the European Council not only to heed calls to end austerity measures, but to start to embrace social investment policies as the way out of the ongoing crisis?

On Sunday 25 January, Greek voters sent a strong anti-austerity message to the EU by electing Syriza. Whatever the political analysis made of the elections, there was at least one clear message given by Alexis Tsipras, the party leader: he considers that he has been given the mandate to “leave behind austerity”. He has already announced an increase of minimum wage and a rise in the lowest pensions.

This being said, what is the alternative to current austerity measures? Last week, the President of the European Central Bank (ECB), Mario Draghi, announced new financial measures that aim to ease monetary and financial conditions, making access to finance cheaper for firms and households, which will help to support investment and consumption.

The last call was not made by voters or a central bank, but by entrepreneurs at the World Economic Forum on 23 January. France, after being one of the black sheep of the EU for not respecting budget constraints, was welcome by CEOs as a place for the companies of tomorrow to invest.

Next month we will meet Commission Vice-President Valdis Dombrovkis, responsible for the Euro and social dialogue, and Commissioner Pierre Moscovici, in charge of economic and financial affairs, taxation and customs. You can be sure that we will seek their opinions and provide our recommendations on the need for social investment.

Let’s engage!

Pierre Baussand, Director