Financial Crisis

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Adopted on 17/10/2018

The EESC agrees with the aims of the Council Recommendation and with some of its proposals. However, it expresses its disagreement with the proposal for the aggregate fiscal stance of the euro area to be neutral, as well as with the way that the recommendation on salaries is formulated.


EESC opinion: Euro area economic policy 2018 (additional opinion)

Adopted on 04/05/2011

The effect of the financial and economic crisis on the distribution of labour force among the productive sectores, with a special regard to SME's (exploratory opinion requested by the Hungarian presidency)

Adopted on 22/05/2013
Plenary session: 
490 -
May 22, 2013 May 23, 2013

The Committee gives a guarded welcome to the two communications from the Commission on the introduction of a Competitiveness and Convergence Instrument and on ex-ante coordination of plans for major economic policy reforms. It is disappointing that they provide little additional detail to the concepts already outlined in the Blueprint, which therefore renders assessment difficult. While these two proposals could be a help to Member States in difficulty, restoring growth and capacity to the most needy areas may be hampered or delayed because the focus of concern is that the measures taken must also benefit the euro area as a whole. The Committee questions the added value of a CCI and the additional bureaucratic burden that the proposed ex-ante coordination may bring. The EESC wishes to continue the debate as developments evolve.

CCI / Major economic policy reforms

Adopted on 14/02/2018
Plenary session: 
532 -
Feb 14, 2018 Feb 15, 2018

The Committee recommends that future crises in the European Union should be managed by striving for a better balance between fiscal and social objectives and urges the Commission to design "supplementary economic and social recovery" programmes, to be applied at the same time as or at the end of an adjustment programme. The EESC recommends that in any future crises situation, the EU Institutions should be solely responsible for developing and implementing the adjustment programmes and stresses that social partners and representatives of civil society must be included in the programme's monitoring and assessment panel, on an equal footing with representatives of the EU, the ECB and other bodies.


EESC opinion: Lessons learned for avoiding the severity of austerity policies in the EU

Adopted on 12/12/2012
Plenary session: 
485 -
Dec 12, 2012 Dec 13, 2012

The EESC welcomes this legislative proposal which ensures the effective resolution of failing financial institutions within the EU, and supports the introduction of harmonised rules regarding intra-group financial support. The Committee also stresses that the Central Banks, including the ECB, have to be involved in the assessment of the recovery and resolution plans, while remaining independent. Professional advice of consumer organisations, trade union representatives, etc., should also be sought. The Committee encourages a greater degree of certainty for the institutions by introducing explicit and more clearly defined rules. The opinion demands more clearly defined rules for the Special Manager (SM) as a highly intrusive early intervention measure, and points out the need for additional clarifications regarding both the bail-in tool and the Resolution Authorities (RAs).

Recovery and resolution of credit institutions

Adopted on 14/12/2016

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.

EESC opinion: Extension of the duration of EFSI (EFSI 2.0)

Adopted on 23/01/2019

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.

EESC opinion: Euro area economic policy (2019)