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Denis Durand: Break the hold money exerts on the economy to put it to use in social schemes

Humanité Dimanche interview

Translated Saturday 26 September 2015, by Adrian Jordan

Denis Durand, economist and member of the PCF’s economic committee, proposes intermediate measures to reorient current government policy.

HD. What immediate measures could respond to the economic situation of the country?

Denis Durand. The situation demands joint social and political measures to immediately get to the root of the crisis: the influence money and capitalists exert on all economic decisions. It is about starting to gain power over financial systems and putting them to use for social objectives. About giving priority to employment, to the creation and development of completely renovated public services, by encouraging both the demand – for better pay, money for public services - and the offer – a more efficient economy, workers capable of developing the wealth which is needed for human beings, while respecting the environment. This crucially requires redirecting bank loans for employment, training and development of public services.

HD. Which three measures would take precedence?

Denis Durand. We must submit a bill introducing legislation giving employee representatives the right to suspend any restructure plan involving job losses with the aim of presenting an alternative development plan for the company. Banks would have an obligation to contribute to the success of these plans by providing the necessary credit to implement them.

Then, abolish the different forms of relief from employers’ social contributions and replace them with interest subsidies to reduce the cost of bank loans to finance investments meeting particular economic, social and ecological requirements. These incentives to reorient bank loans and business income would be decided by a national fund and by regional funds for employment and training, governed by bodies that would include employee representatives and local politicians. It is a central issue of the next regional elections.

Finally, the French government should take the initiative, alongside countries wanting to be at the forefront of this plan to create a cohesive development fund, aimed at financing, through long-term, zero rate loans, democratically selected public investment with the object of developing public services and creating employment in European regions with greatest need.

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