On Tuesday we had two crucial events happening on the same day and in the same location. Pope Francis addressed the European Parliament and the designated president of the European Commission, Jean Claude Juncker, called for a €300 billion public-private investment programme to revive the European economy. This week I will focus on the former and tackle the latter next week.

However, I see that the fundamental message in the position expressed by Pope Francis and that expressed by Juncker is the same. They both recognise the problems which the current economic situation has created and that a solution needs to be found with the contribution of all concerned and for the benefit of all concerned. Maybe the underlying values projected by these two leaders are different.

Turning to the speech of Pope Francis, one notes that he continues to emphasise the need to promote the common good. There was very little in that speech that had to do directly with the economy; but that little was enough.

He recalled the aspiration of the founding fathers of what is today the European Union, to set on a journey together that would bring about peace and prosperity after centuries of war and poverty. There is no doubt that we have achieved peace in Europe and that today there is more respect for human rights than there ever was in the past. The dictatorships of the past are indeed part of history and not part of the present.

However, the Pope lamented the fact that the term human rights has been expanded to the point that the concept is being misunderstood and misused.

He also pointed out that human rights cannot be restricted for the sake of economic interests.

We need to destroy the dichotomy that has been created between what is referred to as the economy and what is referred to as the financial economy

He highlighted that economic questions are dominating the political debate, “to the detriment of genuine concern for human beings”. The debate on the apparent conflict between fiscal consolidation and economic growth is a case in point. This brings to the forefront an issue that has been referred to in the past. Economic policies cannot ignore the common good and cannot exclude individuals or segments of society. The need to have an efficient economic system must be subject to political decisions that must take into account the needs of society as a whole.

Allowing the market to operate and restricting state capitalism does not have to lead to uncontrolled consumerism. Neither does it have to lead to a situation where even human life becomes a tradable good. The market has its parameters within which it has to act and which it cannot transcend. The market is the framework within which goods and services are traded for the benefit of all. However, it cannot involve goods and services that are a threat to human life or to the common good.

With particular reference to labour, Pope Francis claimed that the time has come for policies that seek to create employment and seek to promote proper working conditions.

There needs to be a balance between flexibility in work practices and job stability. Work needs to promote the dignity of the human person and not be used as a tool for the enrichment of the few.

The conclusion that I draw from all this is that we need to go back to fundamentals when we refer to economic policies.

We need to destroy the dichotomy that has been created between what is referred to as the real economy and what is referred to as the financial economy.

This dichotomy has led to the few to profit from speculative financial transactions that cannot be shared with anyone and not from the creation of wealth, from which everyone benefits.

The real economy must be given priority over the financial economy.

This requires a culture change. However, it should not be one that is difficult to achieve, if one keeps in mind that the EU was founded on the principle of solidarity.

Unfortunately, this is a principle that has been forgotten in the economic crisis that has hit most member states since 2008.