International News About business
International News About business Individuals most affected by economic actions are not fully informed. Katy Wiese explains. Many find economics scary and impenetrable due to its technicality and language. But it’s real: growing prices due to supply chain limitations after the coronavirus and Russia’s invasion of Ukraine is eating into families’ purses worldwide and affecting all aspects of daily life. It costs 8.1% more to eat in Europe (and 19% more in Bulgaria). Life-threatening for underprivileged families.
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Economic decisions have a huge impact on our lives, but only a minority are aware of its principles. In 2017, Joe Earle, Cahal Moran, and Zach Ward-Perkins published Econocracy, which criticizes the dominance of economic expertise—mostly orthodox economic expertise—in economic decision-making and how these decisions have been hidden from public scrutiny.
Even worse, if you studied to be an economist, you’d only learn mainstream classical economic ideas and models.
Many of those most affected by economic policies have minimal resources and influence.
Only the fact that corporations should focus on stakeholders rather than shareholders is outside traditional economics theory. Economic decisions often hurt individuals with the fewest resources and power outside the lecture hall.
- We must reconsider:
- Economics instruction;
- how economic talks and decisions are conducted;
- How we increase involvement for a shared economy.
- As staff of a Brussels-based umbrella environmental organization, these reforms are crucial to my campaign.
Our work involves advocating for drastic EU fiscal rule reform and raising awareness of their importance for climate action. This work is based on proposed EU debt and deficit limits (see box A governing class).
An elite
International News About business To avoid economic crisis contagion, the EU fiscal framework limits Member State budgetary measures. Major rules:
countries’ debt must be below 60%;
deficit laws limiting deficits to 3% of GDP.
International News About business Political agreement between Member States, the Stability and Growth Pact, enshrines these rules. Failure to comply can result in fines up to 0.5% of GDP. The European Commission and Council of Ministers also provide annual policy and monitoring recommendations to Member States to ensure budget compliance.
International News About business Most crucially, EU rules ignore social and environmental issues and inadequately address the climatic and environmental problems. They ignore how an investment contributes to environmental and social goals and the quality of investments, which are crucial for a greener and safer future. Additionally, the rules cannot address economic crises, their original purpose.
EU laws ignore social and environmental issues and are unsuitable for climate change.
International News About business Rules hindered member state recovery from the 2008 financial crisis. Due to austerity measures to reduce crisis-related investments, jobless rates rose across the EU, notably in Southern Europe. Austerity policies also underfunded the health sector, which was needed to sustain and construct a Covid-19 resilient public health system.
International News About business Due to its intricacy, non-experts cannot access the framework. For instance, the framework has over ten changing rules and a 100-page guidebook to explain them. So understanding the framework and its laws is the first task.
International News About business Additionally, rule myths must be debunked. For instance, rising governmental debt burdens future generations unfairly. German conservatives have made this worldview popular. It’s not right. Our €520 bn annual green investment gap means climate inaction will cost future generations more. We are hosting capacity webinars for our members and other CSOs to discuss fiscal policy and environmental action from scratch with other partners.
How to participate in the reform discourse follows understanding the current framework.
International News About business Last October, the European Commission began reviewing the current rules due to some issues. Any citizen can answer questions regarding improving the framework. However, the questions, like the framework, are exceedingly technical, making non-expert submissions nearly impossible.