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Financial Crisis

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16/02/2018
Lessons learned

The EESC presents measures to avoid the severity of austerity in the future and to mitigate the negative effects of previous crisis management

Future crisis management should strive for a better balance between fiscal and social objectives to avoid adverse effects on the economic capacities, labour markets and social protection systems of the countries concerned. Instead of restrictive austerity, the EU institutions should in future crisis situations implement policies in pursuit of economic cooperation, growth and solidarity.

05/02/2018

Further measures at national and European level needed to counter the impact of future crises

The EU Member States must urgently work on a stable, prosperous and more resilient EMU: this was one of the main conclusions of a public debate on completing the Economic and Monetary Union (EMU), hosted by the European Economic and Social Committee (EESC) on ...

18/01/2018

The EESC advocates a fiscal stimulus focusing on public investment, while also prioritising structural reforms to enhance productivity and support the creation of quality jobs

The European Economic and Social Committee (EESC) disagrees with the European Commission's proposal for an overall broadly neutral fiscal stance in 2018, advocating a moderate positive fiscal stance of around 0.5% of GDP instead.

18/01/2018
Adopted
Reference: 
ECO/444-EESC-2017-05444-00-00-ac-tra
Plenary session: 
531 -
Jan 17, 2018 Jan 18, 2018

The EESC notes that although economic recovery in the euro area has gathered pace since last year, it remains incomplete and atypical. It disagrees with the European Commission's proposal for an overall broadly neutral fiscal stance and instead proposes a positive fiscal stance of around 0.5% of GDP. It welcomes structural reforms that will not only increase productivity and growth potential, but also support the creation of quality jobs and reduce inequality. It supports the necessary steps for deepening the Economic and Monetary Union (EMU), as well as the measures against tax fraud and tax avoidance.

EESC opinion: Euro area economic policy 2018

15/02/2018
Adopted
Reference: 
ECO/441-EESC-2017-05295-00-00-ac-tra
Plenary session: 
532 -
Feb 14, 2018 Feb 15, 2018

The EESC welcomes the Commission's proposals that are a new, important step in the efforts to achieve greater integration and convergence by increasing integrated supervision and provide new building blocks for the realisation of the Capital Markets Union (CMU) in the EU. A smoothly operating CMU can make an important contribution to private, cross-border risk-sharing. The challenge is to find the right balance between the competences of national and European supervisors and, where possible, to apply the subsidiarity and proportionality principles. Keeping the future in mind, new developments and modern technologies, such as FinTech, as well as more sustainable financing, in line with international activities and agreements should be reflected in the system of supervision. Close attention should be paid to costs for the supervision. Where part of the costs is directly borne by the private sector, care should be taken to exercise budgetary discipline and avoid duplication.

EESC opinion: European System of Financial Supervision (ESFS) - Reforms

19/10/2017
Adopted
Reference: 
ECO/438-EESC-2017-02879-00-00-ac-tra
Plenary session: 
529 -
Oct 18, 2017 Oct 19, 2017

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. Against this background the Committee advocates the exploration of tools to improve economic governance in the EMU, for instance by creating a permanent Euro Finance Minister, while ensuring full democratic accountability. Bundling competences would enhance coherence of EMU policies.

EESC opinion: Deepening EMU by 2025

19/10/2017
Adopted
Reference: 
ECO/437-EESC-2017-03251-00-00-ac-tra
Plenary session: 
529 -
Oct 18, 2017 Oct 19, 2017

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.

EESC opinion: Capital Markets Union: Mid-term Review

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