With this opinion the EESC takes the opportunity to comment on how the European market for retail financial services can be further opened up. The EESC welcomes that the Commission is on track and has an ambitious programme for implementing the Action Plan on Building a Capital Markets Union, also endorsing that consumers should be given the opportunity, whenever possible, to compare different products, so they can make an informed choice.
Consumers - Related Opinions
The EESC opinion will be dedicated to standalone investment agreements, with a particular emphasis on issues related to sustainable development and civil society involvement. It will contribute to the on-going discussion on the content and level of ambition of sustainable development chapters in the EU standalone investment agreements, as well as on civil society role in the course of negotiations and at the implementation stage.
The EESC welcomes the Commission communication and emphasises the growth potential of crowdfunding in the EU as an alternative source of funding. It also emphasises the dependence of SMEs on bank loans, a situation that will persist despite the existence of alternative sources which are not always easy to access. Therefore Crowdfunding should be explicitly recognised in the laws of the Member States as a new form of patronage.
Over-indebtedness has grown with the financial crisis, the rising cost of living and use of cash credit. However, it has not been properly addressed at EU level. The EESC wants that an appropriate uniform procedure is put in place including verification of claims, a European framework for usury or preventive measures.
The opinion familiarizes the public with the phenomenon of collaborative consumption (CC). The document presents the conceptual approach and describes briefly best practices in CC. The EESC proposes also a general strategy for the sound development of CC in the EU. Given that CC covers mostly bottom-up initiatives, studies are needed before the appropriate regulations, rights and responsibilities of all the stakeholders involved can be established.
Secure, efficient, competitive and innovative electronic payments are crucial for the Internal Market in all products and services, and this has an increasing impact as the world moves beyond bricks-and-mortar trade towards e-commerce. The two Commission proposals on card-based payment transactions will introduce maximum levels of interchange fees for transactions based on consumer debit and credit cards. The EESC wants to lower the caps for both credit and debit electronic payments, and include at the same level commercial cards. The proposal strengthens consumer rights concerning international money transfers and will also promote the emergence of new players and the development of innovative mobile and internet payment systems.