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Renowned economist calls for European Green New Deal to tackle Europe’s economic instability


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Contact: Ellie O’Hagan


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The Centre for Labour and Social Studies (Class) has today [Thursday] released a new essay by Yanis Varoufakis, Professor of economics at the University of Athens, calling for a Green New Deal to be implemented across Europe.

The essay, entitled “Think Big, Think Bold,” addresses whether the road to a European-wide sustainable recovery will be found in Britain taking an active role in Europe.

Varoufakis argues that a European Green New Deal can tackle the economic crisis in the Eurozone, address the domination of the financial sector across Europe and stem the growing influence of the far-right.
The essay calls for progressives in Britain to support European-level infrastructural investment; a cross-border welfare net, common public debt instruments and a powerful manifesto to significantly rein in the influence of the banking sector. It argues that there are nearly $3 trillion of idle corporate savings which could be invested productive processes and activities.

Yanis Varoufakis said:

“Progressives need a common vision around which to build alliances across Europe. No progressive agenda stands a chance in our individual countries. A European Green New Deal can be this common vision.”

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Notes to Editors:

1. The Centre for Labour and Social Studies (Class) is a new think tank established in 2012 by Unite the Union, GMB and the Institute of Employment Rights to act as a centre for left debate and discussion and has the growing support of a number of trade Unions including ASLEF, CWU, FEU, GFTU, NUT, PCS, PFA, TSSA, UCATT, MU, NUM and BFAWU. Originating in the labour movement, Class is working with a broad coalition of supporters, academics and experts to develop and advance alternative policies for today.
2. Yanis Varoufakis is professor of economics at the University of Athens and the University of Texas in Austin. Previously he taught at the Universities of East Anglia, Cambridge, Glasgow and Sydney. His books include The Global Minotaur: America, Europe and the Future of the World Economy. Along with Stuart Holland and James K. Galbraith, Yanis co-authored the influential paper—A Modest Proposal for Resolving the Euro Crisis.
3. A copy of the essay can be found here:

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For further information, articles, interviews or media requests please contact Ellie O’Hagan on or 020 7611 2571.