The EESC issues between 160 and 190 opinions and information reports a year.
It also organises several annual initiatives and events with a focus on civil society and citizens’ participation such as the Civil Society Prize, the Civil Society Days, the Your Europe, Your Say youth plenary and the ECI Day.
The EESC brings together representatives from all areas of organised civil society, who give their independent advice on EU policies and legislation. The EESC's326 Members are organised into three groups: Employers, Workers and Various Interests.
The EESC has six sections, specialising in concrete topics of relevance to the citizens of the European Union, ranging from social to economic affairs, energy, environment, external relations or the internal market.
The EESC welcomes the proposal for a regulation on derivatives, unregulated markets, central counterparties and trade repositories.
The EESC agrees on both the proposal regarding central counterparties and the restrictions on short selling. Making transactions transparent, holding operators and counterparties accountable and avoiding excessive speculation: these are the necessary goals that the Commission is tackling effectively, putting in place measures to offset, at least in part, the absence of regulation that contributed to the financial crisis.
The EESC points out, however, that there are risks that must not be underestimated. They include the risk of overstressing the benefits that CCPs can bring to CDS markets in the short term. In order to tackle such risks effectively, the issues of CCP interoperability, confidential data exchange, concentration of data gathering and reporting with the central counterparty and customer involvement in CCP governance should be examined with particular care.
The EESC recommends that the European institutions:
- swiftly adopt the regulation on OTC derivatives markets, which will restore confidence and calm to the markets and protect savers;
- complete the new regulatory system on derivatives as envisaged by the Commission;
- speed up completion of the whole institutional and regulatory architecture involved in reform of financial markets regulation.