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The EESC encourages the Commission to pursue its efforts to develop policy proposals aimed at promoting the creation of innovative and high growth firms. These policy proposals should strengthen the single market, reinforce the clusters and ecosystems in which innovative start-ups are created, develop the equity component of the European capital markets, encourage an academic agenda focusing on jobs for the future and minimise the cost and red tape involved in starting a new entrepreneurial venture.
The Committee considers transparency essential as it is important for all parties, for the companies themselves, and for improving their image and boosting the trust of workers, consumers and investors. While the EESC recognises that most companies operating in the EU are indeed transparent and that investors and shareholders are increasingly paying attention to qualitative corporate social responsibility (CSR) indicators, it is important to focus simultaneously on both the effectiveness and scope of the information being filed and on its quality and veracity. The EESC believes that any further initiative on disclosure of information should include a common set of indicators and at the same time should take into consideration the nature of the company and the sector in which it is operating.
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. Europeans need more (and better) Europe, not less Europe, in order to overcome the political crisis in the EU. The basic principle of the EU budget must be to deliver European added value, achieving better outcomes than would be possible for uncoordinated national budgets acting individually. The EESC considers that it is not credible for the EU budget to continue to be less than 1% of EU-GNI.
This exploratory opinion, requested by the Lithuanian presidency, sheds light on the specific contribution that State-owned enterprises can make to the EU's competitiveness. It pinpoints the specific challenges that exist in this area for EU policy and the European institutions. As part of its consideration of the way in which public undertakings could contribute more to the EU's economic recovery and competitiveness, the Committee has addressed the issue of Europe's Services of General Economic Interest in a number of opinions. The EESC also raises the question of the economic activities of the EU's executive agencies, wondering if they are truly independent, while their tasks and responsibilities lead them to be directly involved in socio-economic activities.
The EESC agrees with the European Commission about the need to modernise and simplify EU consumer policy and considers that the new legislative package contributes to bridging the gap created by the exponential growth of e-commerce, undermining consumer confidence and causing distortions to the single market.
The EESC believes that income and wealth inequalities in the EU have become economic and social challenges that should be addressed with appropriate measures at national level and with the support of EU-level action.
A well-functioning system of social transfers and social assistance is thus needed. Fiscal redistribution should to a large extent complement the gaps in the market system. Public assets (social infrastructure, facilities for services in the public interest, etc.) should be developed as a means of addressing inequalities. And fiscal income should be shifted from labour-based taxation towards a more wealth-based one, with taxation on inheritance and capital income. Overall, Intensive economic growth is key to reducing poverty and wealth inequalities.