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Saving the Euro needs a Green New Deal Sven Giegold, MdEP www.gruene.de www.sven-giegold.de Saving the Euro needs a Green New Deal.

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Presentation on theme: "Saving the Euro needs a Green New Deal Sven Giegold, MdEP www.gruene.de www.sven-giegold.de Saving the Euro needs a Green New Deal."— Presentation transcript:

1 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Saving the Euro needs a Green New Deal

2 Sven Giegold, MdEP current account and net imports on a quarterly basis in bn. Euros

3 Saving the Euro needs a Green New Deal Sven Giegold, MdEP net imports on a quarterly basis in m. tons

4 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net oil imports on a quarterly basis in bn. Euros

5 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports on a quarterly basis in bn. Euros

6 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports on a quarterly basis in bn. Euros

7 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports on a quarterly basis in bn. Euros

8 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

9 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Recently, Greece has shown net oil exports because of demand depression, running on reserves and non-payment of bills. Therefore, recent data has little value. current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

10 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Oil price increase key to understand current account deficits in the Eurozone SpainItalyPortugalFrance current account deficit of 4th quarter 2011 in bn. € increase in resource import costs between 1st quarter 2009 and 4th quarter 2011 in bn. € share of this increase in current account deficit of 4th quarter %84 %19 %73 %

11 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports on a quarterly basis in bn. Euros

12 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Germany: current account surplus and resource import costs reach all-high level No evidence for a sustainable development of the German economy and foreign trade: huge current account surplus despite of increased costs for energy and raw material imports 1st quarter th quarter 2011 Change Current account surplus 25 bn. €48 bn. €+ 92 % Resource import costs 19 bn. €30 bn. €+ 58 %

13 Saving the Euro needs a Green New Deal Sven Giegold, MdEP expenses for net imports (-) / revenues of net exports (+) in Euros per capita

14 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

15 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

16 Saving the Euro needs a Green New Deal Sven Giegold, MdEP current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

17 Saving the Euro needs a Green New Deal Sven Giegold, MdEP

18 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Keeping the Euro: Economic and fiscal union tough rules for a renewed stability and growth pact – decided but needs social rebalancing and investment supporting rebalancing public budgets on the income side: financial transaction tax, European tax cooperation, taxing environmental bads, high income & wealth making debt affordable: redemption funds, Eurobonds regulating the banking system: bringing private liability back, European supervision reducing current account imbalances: lowering cost level in deficit countries, increasing demand in surplus countries a European Green investment programme through stronger environmental regulation, EU project bonds, strengthening of the European Investment Bank

19 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Investment into the Green New Deal Europe’s economies are vulnerable because of import dependency on foreign oil, gas and resources EU should take bold options to invest in renewables, energy efficiency and sustainable infrastructure investment programmes mainly in Southern Europe are also needed to limit negative effects of austerity and to reduce macroeconomic imbalances eew lending programmes of the European Investment Bank, structural funds (without national co-financing) and EU project bonds are in the making But these funds must contribute to a Green New Deal and may not fund old-style infrastructure such as roads, airports, concrete- based tourism…

20 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Gross investment in percentage of GDP

21 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Core projects of the German Green New Deal Ecological transformation green energy electric mobility, green car energy and resource efficient tool machinery industrial circular flow economy green construction green chemistry organic agriculture regional economic circles Social rebalancing More spending in education & health Minimum wages social and solidarity economy

22 Saving the Euro needs a Green New Deal Sven Giegold, MdEP Financing green cuts of wasteful and harmful spending reducing environmentally harmful subsidises: 40 Mrd. €/a self-refinancing effects: avoiding import spendings & social costs taxing capital income financial transaction tax closing tax havens & ending tax competition green taxes on pollution & resources


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