The EESC considers it vital to preserve the "biodiversity" of the financial system, without this meaning the arbitrary application of rules. In this context the Committee applauds the consideration the European Commission has given to the introduction of calibrated financial regulation frameworks to consider the specificities of cooperative and savings banks that avoid the undesirable effects of uniform application of prudential rules and possibly an overload of administrative burdens.
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.
The EESC expresses its firm support for the structural reform of the banking system. It considers the Commission's proposal for a regulation to be a valid and effective response aimed at separating commercial banking activities from investment activities.
The EESC supports and encourages a broad agreement to boost the economy and restore trust in the financial institutions, and calls on the Commission to promote a European Social Pact for Sustainable Finance.
Nevertheless, the EESC believes that the Commission should give greater attention to investors and employees, who have hitherto received little attention in the reform.
Besides, the EESC recommends that oversight activities be carried out in close cooperation and coordination between the EBA and the national authorities, which are well-acquainted with the markets and which will play a key role in managing the new reformed European finance.