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ECG can be defined by three basic characteristics (Spanish Federal Association for the Promotion of the
Economy for the Common Good)

1) the defense of a cooperative market economy model, alternative to capitalism and the planned
economy;

2) the implementation of values recognized by the Spanish Constitution such as human dignity, equality,
justice, solidarity, democracy, transparency, trust or ecological sustainability; and

3) aspire, among other objectives, to: a) prioritize people over capital, ensuring their basic rights;
b) promoting cooperation and contribution to the common good in the face of profit and competition;
c) democratize companies; d) reduce the ecological footprint; e) subordinate the country’s wealth to the
general interest; and f) promote participatory democracy and the division of powers of the State.

On 19 February 2015, the European Economic and Social Committee (EESC) decided to draw up an
own-initiative opinion, under Rule 29(2) of its Rules of Procedure, on The Economy for the Common Good:
a sustainable economic model geared towards social cohesion (ECO/378 Economy for the Common Good)
understanding The Economy for the Common Good as an holistic approach whose concepts are close to
the fundamental values of the Social Economy, Circular Economy, Sharing Economy, Functionality Economy,
Resourced-Based Economy and Blue Economy.

Aligned with the Europe 2020 framework, EESC proposes in this document the transition towards
a “European Ethical Market” which will foster social innovation, will boost the employment rate and will
benefit the environment. The “European Ethical Market” can be built through the implementation of
several strategies. (See point 1.4 ECO/378 Economy for the Common Good).

Furthermore, several strategies are proposed for building a European Ethical Market. The roadmap will
start with the measurement of companies’ contributions to the common good and the convergence
towards a European non-financial reporting. Next, European civil society will be informed of companies’
performance through the development of ethical labelling. Policy-making will recognise those companies
with a higher contribution to the common good through ethical public procurement and policies aimed at
building an ethical internal and international market. Finally, entrepreneurship, consumption and banking
policies will also be aligned with the common good principles. All this will take place by avoiding excessive
administrative burdens and using market mechanisms.

5.2 Economy of the Common Good main principles

“In a real ‘economy’, money is only a means to an end. If we were to measure economic success according
to that end, human creativity would generate an increase in common good. Economy and value would
then be in harmony.” (Christian Felber)

Economy for the Common Good, created by Christian Felber, can be definded as an economic model based
on the values that all people recognize as universal: solidarity, human dignity, social justice, ecological
sustainability, transparency and democratic participation. It is a holistic model that aims to integrate the
economy into the social, cultural and ecological context of society.