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AUSTERITY AND WAGE REDUCTION: THE DOWNFALL OF THE EUROZONE?

[01-02-2017]
Wednesday, 1 February 2017, 18:30h Permanent Representation of Austria to the EU, 1st floor Avenue de Cortenbergh 30, 1040 Bruxelles

The Eurozone has been in a crisis for more than 8 years now, and the crisis is still unresolved. Those countries hit hardest by the crisis suffer from mass unemployment. In some cases, their per capita income and overall consumption are far below pre-crisis levels, with no rapid improvement in sight.

A recent study by Jörg Bibow and Heiner Flassbeck, to be presented in Brussels for the first time, blames the economic policy of the euro area, misguided by mainstream economic theory, for this bleak development.

The study claims that the so-called fiscal multipliers had been miscalculated, thereby underestimating the negative effects of Troika policies on domestic demand and employment. The detrimental effects of a combination of government austerity policy and wage reduction policy on overall consumption and jobs had to be expected and therefore could have been avoided, so the authors of the study.

Which lessons can be learned from past experiences? Are the main political actors ready to change the course of economic policy? How do the trade unions view the recent timid calls from the European Commission for fiscal expansion and more public investments? And why are Member State governments still opposed to an end to austerity policies within the Eurozone?

Welcome address:

Hans Peter Kurtz, President, Arbeitskammer Saarland

Alain Fickinger, Vice-President, Chambre des Salariés Luxembourg

Short presentation of the study:

Joerg Bibow, Professor of Economics Skidmore College

Heiner Flassbeck, Editor, “Makroskop”

High level panel:

Rudi Kaske, President, Austrian Federal Chamber of Labour (Arbeiterkammer)

Wolfgang Lemb, Member of the Executive Committee, IG Metall

Katja Lehto-Komulainen, Deputy General Secretary, European Trade Union Confederation (ETUC)

Bernhard Achitz, Secretary General, Austrian Trade Union Federation (ÖGB)

Heiner Flassbeck, Editor, “Makroskop”


The discussion will be held in German and English with simultaneous translation.

After the event, we invite you to a buffet.

Please register for the event by clicking:

Yes, I will attend the event

No, I will not be able to attend

For further information:

Tel: 02 230 62 54 or 02 230 74 63

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