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The “Change For Europe” manifesto - signed by Jacques Delors and a number of leading European socialist, social democratic and Green political leaders should form a major foundation for a broad campaign by centre left, socialist and Green political forces to insist on radical change in current Euro-area policy while at the same time strengthening the collective governance of the Euro-area. A major publication by the Euromemorandum network of European socialist and Green economists - which I strongly support - sets out in greater detail some of the concrete steps which should form part of a radical economic and social reform strategy. 

The proposals of the Euromemorandum include greater democratic accountability of the European Central Bank, tighter controls on banks, a ban on financial deals that are off-balance sheet, a financial transactions tax. On macroeconomic policy the Euromemorandum proposes that the Stability and Growth Pact should be replaced by a commitment to expand macroeconomic demand to promote full employment; the EU should take over and guarantee a percentage of each member states’ debt; the public debt incurred in rescuing the financial sector should be recuperated from the private sector through a wealth tax.

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The road to Europe: the political battles ahead | openDemocracy 2011-09-12

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