On 23 January 2020, the European Economic and Social Committee (EESC) adopted an innovative ‘own initiative opinion’ (OIO) on the sustainable and inclusive ‘wellbeing economy’ that Europe needs.
The EU Council and the European Commission have a legal obligation to consult the EESC when passing new legislation. The EESC examines these proposals and draws up ‘opinions’ based on agreements reached by members. In addition, the EESC adopts OIOs on topics members believe to be important for the interests of EU citizens.
This OIO calls for a “new vision of prosperity for people and planet based on the principles of environmental sustainability, the right to a decent life and the protection of social values”. As expert to the rapporteur, Tim Jackson, Director of CUSP (research partner of the APPG on Limits to Growth) and Author of Prosperity Without Growth, has worked closely with the EESC to help craft the opinion as it lays the foundations for a far-reaching transformation of Europe’s economic vision for the future.
The Committee highlighted that building the wellbeing economy must start by adopting ‘a precautionary approach in which social stability does not depend on GDP growth’ and proposed the development of new indicators of economic performance and social progress.
Its detailed proposals include a review of the EU’s fiscal and monetary rules, an end to perverse subsidies and action ‘to address hyper-consumerism’ across Europe. It also proposed the adoption of a Living Standards Framework and the introduction of a Wellbeing Budget for the EU.
Links
- For further details and the full position paper please see the EESC website.
- On 26 February 2020, the All-Party Parliamentary Group on Limits to Growth is hosting Peter Schmidt, the EESC rapporteur who led the enquiry, for a policy workshop.