Financial markets

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NextGenerationEU funding strategy

Opinion
Adopted on 07/07/2021
Reference: 
ECO/548-EESC-2021-02011
Referral: 
COM(2021) 250 final
Rapporteur: 
Judith VORBACH (Workers - GR II / Austria)
Plenary session: 
562 -
Jul 07, 2021 Jul 08, 2021

The Own Resources Decision (ORD) entered into force on 1 June, enabling the Commission to start borrowing resources for the Next Generation EU (NGEU) recovery instrument. For the EESC, a well-functioning funding strategy is key for the smooth implementation of NGEU. Sound and sustainable funding and solid risk management are in the very interests of civil society. Moreover, borrowing and debt management has to be based on democratic control, legitimacy and transparency.

The EESC stresses how important it is that the Commission manage the funding strategy directly and does not outsource this. The massive engagement on capital markets will be accompanied with a broad set of risks. The EESC supports the establishment of solid risk-management systems and the holding of the 'NGEU account' with the ECB.

EESC opinion: NextGenerationEU funding strategy

Retail payments for the EU (Communication)

Opinion
Adopted on 24/03/2021
Reference: 
INT/920-EESC-2020
Referral: 
COM(2020) 592 final
Rapporteur: 
Antonio GARCÍA DEL RIEGO (Employers - GR I / Spain)
Co-rapporteur: 
Kęstutis KUPŠYS (Diversity Europe - GR III/Lithuania)
Plenary session: 
559 -
Mar 24, 2021 Mar 25, 2021

The EESC shares the Commission's view on the strategic importance of payments and that further work is needed to enable payment transactions within the single market using new home-grown, pan-European payment solutions. It also supports the view that the Commission should act as a political catalyst, whilst it is the private sector that should design the innovative digital payment solutions. The EESC believes that relevant market players should be subject to appropriate legislation, supervision and oversight, ensuring a level playing field among those offering the same services and activities.

 

EESC opinion: Retail payments for the EU (Communication)

A Capital Markets Union for people and businesses – new action plan

Opinion
Adopted on 24/02/2021
Reference: 
ECO/533-EESC-2020
Referral: 
COM(2020) 590 final COM(2020) 590 final
Rapporteur: 
Pierre BOLLON (Employers - GR I / France)
Plenary session: 
558 -
Feb 24, 2021 Feb 25, 2021

The EESC welcomes the new action plan on Capital Markets Union (CMU) and approves all of the 16 actions proposed by the Commission, but stresses the importance of prioritising and coordinating the initiatives (with concrete milestones to measure progress), emphasises those that it deems most essential and makes targeted complementary proposals. The EESC argues for two key priorities: 1) to improve the efficiency of the CMU by creating the European Single Access point, by applying a single rule-book and by simplifying withholding tax relief at source procedures and 2) implement proposals aimed at facilitating a shift long-term savings towards long-term investments.

 

EESC opinion: A Capital Markets Union for people and businesses – new action plan

Digital operational resilience

Opinion
Adopted on 24/02/2021
Reference: 
ECO/536-EESC-2020
Referral: 
COM(2020) 595 final 2020/0266 CODCOM(2020) 596 final 2020/0268 COD
Rapporteur: 
Antonio GARCÍA DEL RIEGO (Employers - GR I / Spain)
Plenary session: 
558 -
Feb 24, 2021 Feb 25, 2021

Le CESE estime que, pour affronter les défis et les risques découlant de la transformation numérique, la réglementation des fournisseurs de technologies, la protection des consommateurs, l’octroi d’un accès aux services financiers, la résilience opérationnelle et la sécurité des réseaux et des systèmes d’information sont indispensables à la création du marché unique numérique des services financiers. En ce qui concerne les crypto-actifs, le CESE convient les diverses mesures prévues pour adapter la réglementation, qui sont nécessaires pour moderniser les services financiers, sans perdre de vue la protection des consommateurs ni les règles prudentielles.

EESC opinion: Digital operational resilience

Digital Finance Strategy for the EU

Opinion
Adopted on 24/02/2021
Reference: 
ECO/534-EESC-2020-04935
Referral: 
COM(2020) 591 final
Rapporteur: 
Petru Sorin DANDEA (Workers - GR II / Romania)
Co-rapporteur: 
Jörg Freiherr FRANK VON FÜRSTENWERTH (Employers - GR I/Germany)
Plenary session: 
558 -
Feb 24, 2021 Feb 25, 2021

The EESC considers that in addressing the challenges and risks associated with digital transformation, regulation for technology providers, protecting consumers, granting access to financial services, operational resilience and security of network and information systems are crucial for creating the Digital Single Market for financial services. As concerns crypto assets, the EESC endorses the various regulatory adjustment measures envisaged which are needed to modernise financial services, without losing sight of consumer protection and prudential rules.

EESC opinion: Digital Finance Strategy for the EU

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