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Europe’s austerity budget for 2014-2020 and its rejection by the European Parliament. A short comment over an anti-Keynesian budget

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  • Paolo Pini

Abstract

In April this year the European Parliament in Strasbourg said "no" to the multi-annual budget which Governments of the European Union member Countries had agreed upon in February 2013. The changes may be minimal, but a strong message was sent to governments by the only institution in Europe elected by its citizens. The budget proposal for 2014-2020 (the Multi-annual Financial Framework - MFF) was rejected due to both method and content. To method, because it is a deficit budget which leaves the European Commission with little margin of flexibility for anti-recession measures. To content, because it favours redistributive policies between European countries rather than policies encouraging growth and employment throughout the European Union. It is an austerity budget which is deeply anti-Keynesian in a period of serious economic crisis analogous to the great depression of the 1930s. A policy of growth at a European level is needed in order to cope with the economic depression, yet a policy of rigour and austerity was proposed. That is why it is good that it was rejected by the European Parliament.

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  • Paolo Pini, 2013. "Europe’s austerity budget for 2014-2020 and its rejection by the European Parliament. A short comment over an anti-Keynesian budget," Working Papers 2013142, University of Ferrara, Department of Economics.
    • Handle: RePEc:udf:wpaper:2013142
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    References listed on IDEAS

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    1. Paolo Pini, 2013. "What Europe Needs to Be European," Economia politica, Società editrice il Mulino, issue 1, pages 3-12.
    2. Gennaro Zezza, 2012. "The impact of fiscal austerity in the Eurozone," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 37-54.
    3. Alfredo Calcagno, 2012. "Can austerity work?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 24-36.
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    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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