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Saving the Euro needs a Green New Deal

Saving the Euro needs a Green New Deal. current account and net imports on a quarterly basis in bn. Euros. net imports on a quarterly basis in m. tons. current account and net oil imports on a quarterly basis in bn. Euros. current account and net imports on a quarterly basis in bn. Euros.

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Saving the Euro needs a Green New Deal

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  1. Saving the Euro needs a Green New Deal

  2. current account and net imports on a quarterly basis in bn. Euros

  3. net imports on a quarterly basis in m. tons

  4. current account and net oil imports on a quarterly basis in bn. Euros

  5. current account and net imports on a quarterly basis in bn. Euros

  6. current account and net imports on a quarterly basis in bn. Euros

  7. current account and net imports on a quarterly basis in bn. Euros

  8. current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

  9. current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros Recently, Greece has shown net oil exports because of demand depression, running on reserves and non-payment of bills. Therefore, recent data has little value.

  10. Oil price increase key to understand current account deficits in the Eurozone

  11. current account and net imports on a quarterly basis in bn. Euros

  12. Germany: current account surplus and resource import costs reach all-high level • No evidence for a sustainable development of the German economy and foreign trade: huge current account surplus despite of increased costs for energy and raw material imports

  13. expenses for net imports (-) / revenues of net exports (+) in Euros per capita

  14. current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

  15. current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

  16. current account and net imports (-) / net exports (+) on a quarterly basis in bn. Euros

  17. Keeping the Euro: Economic and fiscal union • tough rules for a renewed stability and growth pact – decided but needs social rebalancing and investment • supporting rebalancing public budgets on the income side: financial transaction tax, European tax cooperation, taxing environmental bads, high income & wealth • making debt affordable: redemption funds, Eurobonds • regulating the banking system: bringing private liability back, European supervision • reducing current account imbalances: lowering cost level in deficit countries, increasing demand in surplus countries • a European Green investment programme through stronger environmental regulation, EU project bonds, strengthening of the European Investment Bank

  18. Investment into the Green New Deal • Europe’s economies are vulnerable because of import dependency on foreign oil, gas and resources • EU should take bold options to invest in renewables, energy efficiency and sustainable infrastructure • investment programmes mainly in Southern Europe are also needed to limit negative effects of austerity and to reduce macroeconomic imbalances • eew lending programmes of the European Investment Bank, structural funds (without national co-financing) and EU project bonds are in the making • But these funds must contribute to a Green New Deal and may not fund old-style infrastructure such as roads, airports, concrete-based tourism…

  19. Gross investment in percentage of GDP

  20. Core projectsof the German Green New Deal • Ecologicaltransformation • greenenergy • electricmobility, greencar • energyandresourceefficienttoolmachinery • industrialcircularfloweconomy • greenconstruction • greenchemistry • organicagriculture • regional economiccircles • Socialrebalancing • More spending in education & health • Minimum wages • socialandsolidarityeconomy

  21. Financing • green cuts of wasteful and harmful spending • reducing environmentally harmful subsidises: 40 Mrd. €/a • self-refinancing effects: avoiding import spendings & social costs • taxing capital income • financial transaction tax • closing tax havens & ending tax competition • green taxes on pollution & resources

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