Brussels, 24/03/2011 (Agence Europe) - Before the European Council on Thursday and Friday (24-25 March), Socialist or Social-Democrat prime ministers and leaders did not meet for a “pre-summit” in Brussels as they are wont to do, but the Party of European Socialists (PES) did set out its priorities for the European summit in a communiqué, namely: - Financial Transaction Tax. The PES hopes immediately to “raise fair and sustainable revenue to support economic recovery and public finances in all member states and to mitigate speculation on the financial markets”; - European Stability Mechanism (ESM). The PES welcomes the creation of the permanent mechanism for the eurozone but considers “more needs to be done”. Thus, the conditionality attached to the two rescue funds - the current EFSF and the future EMS - should be more “balanced”, and require that countries receiving assistance should not only implement strict measures that allow for sustainable public finances, but also for measures to promote growth and employment. Interest rates charged on rescue loans must be “aligned to market financing rates”, the PES believes; - EUROPE 2020. Objectives set out in the 2020 strategy must be adhered to. To this end, there is a need for further balanced development of the economic pillar of the eurozone. Furthermore, “National Reform Programmes and Stability and Convergence Programmes must be prepared according to the integrated guidelines”, the PES states; - Employment and Social Progress Pact. Economic reforms in the EU must be “balanced” and also include an employment and social progress pact, the PES states. This pact must provide for “common and ambitious measures” such as labour rights and minimum wage “to preserve and strengthen our social models”, the PES adds. (H.B./transl.jl)