Since its creation, Greentervention has been advocating for a reform of the European fiscal rules. On the 26th of October 2022, the European Commission will present an orientation paper that will set the direction for the EU’s economic policy, including a reform of the EU fiscal rules.

Ahead of the publication, 180+ unions, civil society, think tanks, youth, and academics including Greentervention have come together to call for a new set of principles which aim at an economy that works for us all, scales up green public investment and promotes human and wellbeing. The public letter aims to push the Commission to propose legislation that allows a democratic debate and decision-making on economic policy and establish key public asks for long-term economic policy, particularly fiscal policy in the public forum.

There’s a need to reform the fiscal policy so that it’s consistent with agreed EU social, climate and environmental goals, allowing the next generation to enjoy better public services, lower inequalities, and healthy ecosystems. The converging crises require a complete rethink of the economy, and hence the EU fiscal framework/EU economic governance, shifting priorities from wealth to well-being, from consumption to quality of life, and from growth to equality.