Maltese MEP Alfred Sant asked ECOFIN President whether it is the time to push for an EU wide rise of say 5% in the national minimum wage where this applies, during an economic dialogue and exchange of views with Bulgaria's Minister for Finance, Vladislav Goranov, who chaired the first Economic and Financial Affairs (ECOFIN) Council meeting under the Bulgarian Presidency.

Sant argued that if Europe wants to ensure the fast approaching European Parliament elections to be a successful milestone for the European project, member states need to show that following years of austerity, they are committed fast to an improvement in the well being of families and citizens across the EU.

Mr Goranov, who presented the EU Presidency's priorities for the economy and finance, did not react to the Maltese MEPs proposal.

Sant argued that by taking this proposal across the board, it would equalise competitive pressures. It would also be more effective in helping to reach inflation targets, than the monetary tools that the ECB has been deploying these past years. Such a measure can only be adopted at Council level.

“The most recent assessment of the economic situation shows that the economic expansion in the EU as a whole and in the euro area continues, and has become increasingly broad-based across countries.  Given this economic improvement, it no longer makes sense to use the arguments of austerity to deny to working and middle classes as well as to pensioners, an improvement in their purchasing power while applauding the increased profitability of corporations.”

In this regard, wage growth contributes to the economic recovery by supporting aggregate demand, reduces inequalities and ensures high standards of living in the area, said the Maltese MEP.