Towards an economy which cares: COFACE Economic Principles
By Bettina Guigui
From COFACE Europe:
Given the present social and economic situation, with the combined shocks caused by the coronavirus crisis and climate change, COFACE-Families Europe is concerned about the social and environmental sustainability of the current economic system which is under severe strain from the intertwined dynamic of growing inequalities and deepening ecological degradation.
We invite you to read the recently adopted 14 Economic principles of COFACE Families Europe. This declaration aims at referencing the core values and principles underlining COFACE Families Europe’s actions and activities in the realm of economics, supporting policies towards an economy which cares.
COFACE Families Europe covers very wide and diverse topics of which many are linked in one way or another to economics. Tackling inequalities and poverty, reconciliation policies and the economics of care are among the main topics of focus. In addition, COFACE Families Europe has initiated reflections on more concrete economic themes including financial inclusion, creditworthiness, blockchain technology and crypto-assets, digitalisation in finance and exclusion, big data analytics and artificial intelligence in finance. However, the recommendations and policy proposals formulated always rely on core principles and values such as human rights, the UN Conventions of the Rights of the Child and on the Rights of Persons with Disabilities, the European Pillar of Social Rights, and overarching targets like the SDGs (Sustainable Development Goals).
The 14 Economic principles are as follows:
Principle 1 – Families as an economic unit
Principle 2 – Reconciliation and care economy
Principle 3 – Reducing inequalities and addressing poverty
Principle 4 – Human rights over economics
Principle 5 – Economics within physical boundaries
Principle 6 – One planet, one people, one future
Principle 7 – Financial inclusion
Principle 8 – Democratic oversight
Principle 9 – Financial and economic literacy
Principle 10 – Anti-fragility and resilience
Principle 11 – Fair balance of rights with other policy aims
Principle 12 – Protecting anonymous and free transactions
Principle 13 – Openness to change
Principle 14 – An economy beyond numbers
Taking the Doughnut economics model of Kate Raworth as a starting point, as a holistic approach aimed at balancing basic human needs with the limitations of our planet, COFACE Families Europe’s aim is to ensure that the development of our economic and financial system serves the general interest and wellbeing of all European citizens and families, within the means of what the planet can provide in a sustainable way.
Read the full economic principles here.
