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22/02/2018
Financial integration

While endorsing the Commission's reform proposals, the EESC calls for the principles of subsidiarity and proportionality to be applied

More integrated and strengthened financial supervision is needed to make progress towards the completion of the Capital Markets Union (CMU), the European Economic and Social Committee (EESC) urged at its plenary session in February.

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
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

18/01/2018
Adopted
Reference: 
INT/831-EESC-2017-04514-00-01-AC-TRA
Plenary session: 
531 -
Jan 17, 2018 Jan 18, 2018

With this opinion the EESC welcomes the Commission's initiative to prioritise the fight against cybercrime, as it aims to protect Europeans and businesses from cybercrime networks, and includes measures to boost confidence in the use of electronic payment instruments. The EESC is of the view that the benefits of digitisation must be flanked by mechanisms able to meet the accompanying challenges, so that the European economy and Europeans can enjoy the information society to the full. For the EESC it is important to establish deterrents and mechanisms to inform the public about the modus operandi of offenders as well, through awareness-raising campaigns conducted by law enforcement authorities in the Member States.

Fraud and counterfeiting of non-cash means of payment

19/10/2017
Adopted
Reference: 
ECO/440-EESC-2017-03297-00-00-ac-tra
Plenary session: 
529 -
Oct 18, 2017 Oct 19, 2017

The EESC is in favour of creating a Pan-European personal pension product – PEPP but is unclear as to whether the investment arising from this initiative will remain within the EU and on the impact on labour mobility across the EU. Every effort, by way of tax relief, should be provided to encourage as many workers as possible to take up personal pension products. The EESC emphasises the need for consumer protection and risk mitigation for savers during the course of their working lives and on retirement. The EESC also underlines the importance of the role of the European Insurance and Occupational Pensions Authority (EIOPA) in monitoring the market and national supervisory regimes with a view to achieving convergence and consistency across the EU especially regarding the governance structure for PEPPs within any provider.

EESC opinion: Pan-European personal pension product – PEPP

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

16/10/2017
Adopted
Reference: 
ECO/435-EESC-2017-02837-00-00-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. For this reason, the EESC considers it essential to have a balanced mix of euro area economic policies, with their monetary, fiscal and structural components properly interlinked. The Committee notes the improving economic situation in the euro area and recommends that, in order to maintain and bolster this, crucial steps be taken to stimulate investment and carry out reforms, while also strengthening the social and democratic dimensions of euro area governance.

EESC opinion: Euro area economic policy 2017 (additional opinion)

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