On financial reform, Europe should speak loudly and carry a big stick

'The European spirit was far away'. This was the headline of a Belgian newspaper, early in october. The occasion was the measures undertaken to save Fortis, Belgium's biggest bank. Now, a couple of months later, we see that Fortis is in Dutch and French hands. Elsewhere in Europe we see that the UK has put Iceland on it's terrorist list to freeze all bank assets. The past months, the European spirit was indeed far far away.

However, in the global play of social bloodbaths and financial disasters, there are no weak, no strong, only in more or lesser extent, victims. It is of the utmost importance that member states realise this to prevent this financial crisis from ever happening again. The member states have proven that a Europe where the only aim is to protect the free market, instead of the people, doesn't suffice. The member states have proven that European governance, instead of national governance, is the only policy level to tackle these issues sufficiently.

Therefore Ecosy – the young european socialists has made a plea against the deregulatory fetish and in favor of a fair globalisation, based on the ILO standards and regulations. Fair globalisation of course is a standard that is not only to be followed in Europe as it is to be followed by Europe as well. All bilateral and regional trade agreements must include enforceable commitments to implement core labour standards, decent work, sustainable development and human rights.

“Let go!”, the liberals say, “laissez faire that market!”. But in the same manner we as socialists refuse to let go of the market, we refuse to let go of the people. To parafrase Martin Schulz: “When the global financial market is on fire, we can not let the liberal pyromaniacs be in charge of our fire department.” We must seize this historic opening in the liberal Washington consensus to put forth a socialist and social-democratic consensus based on core values such as solidarity, freedom and equality. Finally, we as members of Ecosy – the young european socialists believe in a Europe that speaks loudly and carries it's (legislative and judicial) big stick for both companies like Microsoft and financial institutions with equal force.

Wai-Hoi Tsang
International Secretary animo