To free our societies from the domination of financial markets and to coordinate progressive economic, monetary, social and ecological policies, we must pursue the following seven principles:
- Take public finance away from financial markets: allow democratic public financing, through a democratically controlled central bank lending directly to governments.
- Escape from the debt trap: end austerity policies and set up debt audits leading to debt cancellations. Banks and private financial actors need to take their share of losses.
- Give state finances a sustainable basis: increase the taxation of wealth and corporate profits and harmonize taxes at high levels to eradicate fiscal dumping. End tax evasion and implement a “financial embargo” of tax havens.
- Disarm financial markets and put the banking sector under public control: forbid harmful speculative mechanisms (e.g. high-frequency trading, naked short selling, speculation on derivatives, over-the-counter agreements), and impose a tax on all financial transactions at a rate of at least 0.1%; strictly regulate banks (e.g. separate deposit and investment banks, dismantle “too big to fail” banks).
- public and democratic financing of the economy: build up a public and cooperative banking sector under democratic control, to ensure the financing of social and economics needs, guarantee social rights and finance ecological transition. Trade policies should be revised to adhere to these objectives, in cooperation with developing countries.
- Europe for the people, not for profits: Promote economic and social policies on a European level, and reinstate and expand democratically controlled public services, to reduce imbalances, promote the ecological transition of economies, foster high quality employment, promote gender equality and expand basic social and economic rights (health, education, housing, information, culture, social welfare etc.) and ensure that they are provided through a network a 100% publicly-owned services.
- Real democracy now: Engage in a constituent process aimed at democratizing decision-making at all levels; elaborate democratically a new Treaty ratified by referendum in all countries, and support and promote a public, transparent and accountable debate about visions for Europe and about alternative EU policies.