InterAksyon.com means BUSINESS
PARIS - World Trade Organization chief Pascal Lamy backed calls for a rethink of European economic policy on Tuesday, calling for a "European growth budget".
In an opinion piece published on the website of French newspaper Le Monde, Lamy and former European Bank for Reconstruction and Development head Jacques Attali called for deeper integration to combat the eurozone debt crisis.
"In the months and years to come, the countries of the eurozone are facing a major political and social crisis if they do not go through an additional step in integration," the two wrote.
Both men are closely linked with France's Socialists, whose candidate Francois Hollande defeated Nicolas Sarkozy Sunday to become France's president and who has called for a refocus in Europe on growth instead of austerity.
"The survival of the eurozone depends on an economic government and a European growth budget. Only federalism is capable of avoiding the disastrous consequences of its (the euro's) collapse on our standard of living," they wrote.
The two called for pooling some European debt the creation of "project bonds" to generate more than a billion euros ($1.3 billion) in financing for investment projects in industry and infrastructure.
They also called for Europe-wide carbon and financial transaction taxes and reforms to deepen political integration.
"Europe cannot emerge from this crisis without a change in logic. If the current situation continues... (the euro's) disappearance is only a question of time," they wrote. "Another exit path is possible."
InterAksyon.com means BUSINESS
BUSINESS NEWS
