Belgium is "totally engaged" in the drive to build a more competitive economy, but will only make that happen if it is ambitious and scales up levels of public and private investment, according to Conner Rousseau, leader of the Flemish socialist party Vooruit.
Addressing an international conference in Brussels on Thursday, chaired by former Italian Prime Minister Enrico Letta, Rousseau called for the introduction of 'eurobonds' to help finance major infrastructure projects. These so-called debt instruments allow countries to pool liability and access lower borrowing rates.
However, the reaction to his proposal was muted among the high-level audience, which included politicians, diplomats and business leaders from over 40 countries.
Speaking exclusively to The Brussels Times following his intervention, Rousseau was defiant.
"Eurobonds are common sense. We need more investments, but a lot of countries don't have the money. So let's work together. The whole philosophy behind the single market is that we are stronger together," he said.
'A good mindset'
He said that European countries need to "open their wallet" to compete. "The investment ratio in China and the US is way higher than ours. We need to solidarise or collectivise debt."
Letta told the conference that the EU's 27 Member States have a "structural problem" due to market fragmentation, which has prevented the single market from fulfilling its potential.
He blamed national officials in Member States for blocking innovation, adding: "If we fail now there is not another chance."
Enrico Letta. Credit: Elza Lőw/Friends of Europe
Rousseau, who revealed he has authored a book due out next month, "Now or Never Europe", acknowledged that "for a lot of people, politics goes too slow" but insisted: "Belgium has a good mindset."
"I think Belgium is totally engaged in the faster transition of the economy. But it must be a fair economy, where everyone gets a chance of progress," he said. "We are at war to protect our citizens, their cost of living and affordability. So we need to be less dependent on China and other parts of the world. We need to lower energy costs for families and also for our firms because we cannot compete if prices are always going up."
"We have no oil. We have no new rare earths. So if we want new industry, a green, clean industry with new jobs and more jobs, let's invest more. Let's collaborate and cooperate, because we need to scale up our investments," he stressed. "Perhaps we can then tell a new story to citizens about the benefits of a stronger Europe."
