The Retail Payments Strategy for the EU aims to bring safe, fast and reliable payment services to European citizens and businesses. It will make it easier for consumers to pay in shops and make e-commerce transactions safely and conveniently. It seeks to achieve a fully integrated retail payments system in the EU, including instant cross-border payment solutions. This will facilitate payments in Euro between the EU and other jurisdictions. It will promote the emergence of home-grown and pan–European payment solutions.
The EESC proposes launching a European pact to effectively combat tax fraud, evasion and avoidance and money laundering. The Committee calls on the European Commission to promote a political initiative involving national governments and the other European institutions in achieving this goal, fostering the consensus needed for this and involving civil society. Cooperation between Member States should be the main pillar of the pact. The Committee urges the European institutions and the Member States to provide the financial and human resources required for the effective implementation of existing European legislation and to agree on a commitment to adopt all necessary new legislative and administrative measures to effectively combat tax offences and bad practices, money laundering and the activities of tax havens. This requires permanent evaluation of the outcome of implementing each measure.
The EESC strongly supports the Commission's proposal – Next Generation EU – as a specific tool for a quick and effective recovery.
The EESC takes a very positive view of the Commission's two main decisions:
- to introduce an extraordinary financial recovery instrument as part of the multiannual financial framework
- to raise common debt, which will be repaid over a long period of time, and prevent the extraordinary financial burden from falling directly on the Member States in the short run.
The EESC strongly welcomes the fact that the newly proposed instrument should be closely coordinated with the European Semester process, and furthermore welcomes the Commission's proposal to introduce additional genuine own resources based on different taxes (revenues from the EU Emissions Trading System, digital taxation, large companies' revenues).
While acknowledging the progress made by the Commission in taking account of smaller and less complex banking institutions in its recent regulatory measures, the EESC believes it would be useful to further increase the proportionality of banking rules, without sacrificing the effectiveness of prudential rules.
The EESC endorses the recent decision to push back the date for implementing the Basel III accord, and feels that when the time comes, the new provision on capital requirements should be transposed in a way that caters properly for the diversity of banking business models in Europe.
The coronavirus outbreak will have a deep and negative impact on the achievement of the SDGs and the objectives of the European Green Deal. For this reason, the EESC insists on the need to face this urgent threat as soon as possible and focus our recovery efforts without undue delay on the SDGs and the Green Deal. The Sustainable Europe Investment Plan (SEIP) is the first comprehensive policy measure to fulfil very ambitious targets of carbon neutrality until 2050 in line with the EU Green Deal. While saluting the Green Deal's ambitions, the EESC regrets the lack of consistency with the budgetary allocation within the next Multiannual Financial Framework and also expresses its doubts about the effectiveness of climate mainstreaming in all EU programmes and calls on the Member States to involve civil society organisations in pushing for climate-proof EU spending.