Investment is becoming the new buzzword, with an almost unanimous agreement on the fact that that much more money needs to be put on the table, especially considering Mario Draghis recent report in which he called for 800bn euros more to be invested annually. But, where should this money come from and how do we finance these investments?
Fairer redistribution is key to this debate and often falls off the radar. Collective bargaining is key to ensure a fairer redistribution. It is also the key to ensuring that the workers who helped to create profits get a fair slice of the pie, but that a chunk of the pie also goes towards investments and does not only end up in shareholders' pockets.
Fair taxation is also central a central element in ensuring fair wealth redistribution. Séverine Picard from Progressive Policies & the Network of Unions for Tax Justice explained that very often puzzling fluctuations in companies' profits can be explained by their practice of profit-shifting, whereby profits created in one country are transferred to other states where tax regimes are much lower i.e. tax-heavens. This creates the false impression that a company stopped being profitable, when the reality is actually the opposite. Fair taxation needs to take place on all levels - from the global one to the company shop floor - and much more awareness-raising, advocacy work, and training is needed to progress on tax justice.
Boosting investments must be discussed in an European industrial policy context. The ETUI's Bela Galgoczi untangled the current complicated geopolitical context that is influencing Europe's industrial policy: The great news is that industrial policy is back on the agenda, as we have been calling for several years in industriAll Europe. This is a step in the right direction, and we have our hopes up for the European Commission upcoming Clean Industrial Deal. However it is clear that we will have to fight for a social dimension that puts workers at the centre especially in today's context with a missing jobs and social rights Commissioner in the European commissions new college.
A discussion on the political context would not be complete without looking at thedangers of the growing Far Right. Dr. Stiofán Ó Nualláin from Trademark Belfast explained the role of the internet, social media and AI tools behind the rise of the Far Right, providing concrete recommendations and tools on how to counter them. The Far Right are very bad at facts, but very good at emotions and uses social media to normalize their extreme ideas. These online spaces need to be reconquered by progressive voices, including by unionists. We should not underestimate their power in influencing opinions, elections, but also in organising. industriAll Europe is getting ready with our upcoming Action Plan: United against the Far Right!
Isabelle Barthes, Deputy General Secretary of industriAll Europe reflected on the conclusions of the Economic School “Our priorities are clear at the start of the new mandate of the European institutions: Ensuring ambitious investments in good quality jobs in our industries to stop the current deindustrialization wave that it hitting Europe and support demand for a healthy economy by increasing workers purchasing power. We will be pushing for these priorities together with our members at all levels through all our trade instruments from increasing political pressure, collective bargaining and social dialogue, and increasing our online presence. Social conditionality is also key ensuring that tax payers money support our political priorities notably securing good industrial jobs underpinned by robust social dialogue and collective bargaining ”