Unions confront corporate greed

INTERNATIONAL trade union federations have urged governments and the European Union to implement radical policy changes in order to mitigate the impact of future economic crises.

The International Trade Union Confederation (ITUC) and the European Trade Union Confederation (ETUC) have both issued statements demanding an end to the underwriting of corporate greed.

They also call for effective regulation of money markets, backed up by a strong focus on decent work and collective bargaining rights.

The ITUC statement released on September 30 read: "Policy-makers are waking up to the need for regulation of the world economy and for governments to finally take up the duties they have long abdicated - to set rules for markets, to protect and provide for their citizens and to intervene to ensure socially equitable and sustainable outcomes."

It insisted that "the imbalances which have seen real wages fall or stagnate, at the same time as capital has reaped record profits, need to be redressed.

"Organising and bargaining rights, recognised internationally, must be enforced universally so workers can have real influence over their lives and their futures."

And it emphasised that the "trade agenda can only move forward once it is based on the imperatives of decent work, development, rights and equity."

European trade union leaders attending the ETUC summer school in London at the end of last month adopted a joint London Declaration, which states: "Never again can irresponsibility by banks and hedge funds and the rest be allowed to come close to bankrupting nations.

"Never again must taxpayers' money be used to prop up institutions that continue to pay huge salaries and bonuses to their top executives.

"Never again can shareholder value, with directors' bonuses linked to it, be allowed to be the sole goal of companies."

It also called on European institutions "to fight for workers' rights, for fair and decent wages, for stable jobs and for strong collective bargaining practice, independent of and not subordinated to law courts and judges."

The ETUC statement has been submitted to the president of the European Central Bank, the president and vice-president of the European Commission, the European commissioner for economic and monetary affairs and the EU member states' finance ministers.