International

While the conclusions of the Dutch Parliamentary Commission on the financial crisis, chaired by SP member Jan de Wit, can count on broad cross-party support, the European Parliament’s equivalent body is heading for a confrontation, with the centre-right European People’s Party (EPP) and the centre-left Socialists and Democrats (PSD) attempting to block input from other groups. Prospects are that no common report will be possible in which the causes of the crisis are properly analysed and policy recommendations made as to how a further crisis might be prevented. This represents a missed opportunity.

A year ago when we started work in the crisis committee, relations between the different groups were good. Of course we knew in advance that major differences of opinion existed, but the idea was that, just as has been the case in the national parliament’s De Wit Commission, a report would be produced with which the vast majority could agree.

As always, I took a constructive line. The MEP leading the work, known in EP jargon as the Rapporteur, was a French social democrat who inspired confidence. In her initial report she took a strong stand against the speculators and made an impassioned plea for respect for Europe’s traditional social system. Because conservatives, liberals and Christian Democrats were heavily critical of a document they labelled ‘ideological’, the Rapporteur spent the summer writing a ‘compromise text’.

In my view, with its dozens of amendments, this in itself represented a substantial step backwards in comparison to the original text. Two weeks ago in Strasbourg we should have been discussing this text and all of the proposed amendments, and I was to represent the United Left group, to which the SP is affiliated. But when I got to the appointed room a note was waiting telling members that the meeting had been cancelled. Such things happen, of course. Perhaps the Rapporteur was ill or something. But last week in Brussels, when the second meeting was cancelled, I began to have my suspicions. Sure enough, these turned out to be justified: after a lot of comings and goings we heard in the end that the EPP had rejected the compromise text designed to form the basis of negotiations, and that together with the centre-left PSD they were to propose a new text.

It’s quite clear where this will lead, to a still weaker document which will probably not in any way go into the question of how we can prevent speculators
bringing about another crisis in the near future, or how we can manage financial institutions and corporations so that they do not become ‘too big to fail’ and do not, in times of need, come once again knocking on the door of the state for help.

Together with the Greens I will of course be trying to make the best of this. Whether we succeed will depend above all on whether the centre-left are prepared to look to their left for support and not allow themselves to be pinned down to a compromise with the right. I’ll be keeping you informed!