De finansielle markeder
The EESC wants the conditions be created for an efficient, modern financial services sector with appropriate regulations, which grants access to capital providers by companies seeking investment, especially SMEs and high growth companies, and finds it of utmost importance to overcome the current fragmentation of the markets.
Since a Capital Markets Union (CMU) is to a significant extent a reality for large companies, the EESC stresses the need for measures that will also allow SMEs to benefit from it, for example through accepting simplified standardised criteria for registration on regulated markets, and providing a definition of an emerging growth and high growth company and devoting special attention to the needs of such companies on the capital market.
The EESC strongly endorses the Commission's initiative to extend the duration and increase the financing of the European Fund for Strategic Investments (EFSI) and welcomes the positive results of the first year and considers the SME "investment window" a success. The Committee recommend that EFSI 2.0 should aim for ever greater involvement of private capital; stresses the importance of keeping a market-driven emphasis, reinforcing the additionality of the EFSI and calls for a more balanced geographically coverage across the EU. The EESC also recommends bolstering the European Investment Advisory Hub (EIAH) and the reinforcement of the social dimension of EFSI deployment. It is also in favour of using the EFSI to nurture the development of a shared industrial and dual technology base in the European defence sector. Finally, in the view of the Committee it is important to raise the visibility of EFSI funding.
This opinion is part of a wider package of four EESC opinions on the future of the European economy (Deepening of the Economic and Monetary Union and Euro area economic policy, Capital Markets Union and The future of EU finances). The package of opinions underscores the need for a common sense of purpose in the Union governance, which goes far beyond technical approaches and measures, and is first and foremost a matter of political will and a common perspective. The EESC is strongly in favour of the Capital Markets Union (CMU) and finds it absolutely necessary that the CMU becomes a reality in all EU Member States and calls for the political will at European level and in the Member States to make all necessary efforts and to establish all of the relevant conditions required.
The EESC is of the opinion that building economic resilience, an objective that underlies the recommendations of the European Commission on the economic policy of the euro area, is of the utmost importance for the euro area economies. However, the Committee would like to stress that the pursuit of economic resilience should go hand in hand with increased labour market resilience, that is, the capacity of labour markets to weather shocks with limited social costs.
A genuine stabilisation of the economic and monetary union (EMU) can only succeed if the deficits in the EMU architecture are solved and to this end major reforms are undertaken. The longer the current austerity policy continues, that primarily looks at spending cuts without the addition of an effective investment plan and measures to enhance income through growth, social cohesion and solidarity, it will become increasingly clear that Europe's economic integration and prosperity is at risk from growing social inequalities. The EESC calls for greater "parliamentarisation" of the euro area, with a grand EP committee comprising all members of parliament from the euro area and from those countries wishing to join (26 Member States), combined with stronger coordination of members of parliament from the euro area on EMU issues (COSAC +).
The EESC welcomes the establishment of economic priority programmes for the euro area at the start of the European Semester. To achieve a recovery of growth and employment a mix of financial, taxation, budgetary, economic and social policies is needed. In contrast to the recommendation of the Commission, the focus of fiscal policy should be designed to be more expansionist than neutral. The EESC advocates the reduction of taxation on labour insofar as it does not threaten the financial sustainability of social protection systems. The EESC calls for a coordinated effort to create a more business-friendly environment for SMEs through better regulation, adequate financing and facilitation of exports to markets outside the EU. There is a particular need to open up new funding opportunities for micro-enterprises and start-ups.