This is the second Commission's Communication and the second EESC opinion on this subject. Although the EESC is generally supportive of the action plan, it stresses the need for more emphasis on building up the capacity of EU manufacturing companies which satisfy the market pull for new technologies. The opinion draws attention to essential background factors which jeopardise the efficiency of the action plan, for example scarcity of venture capital, lagging state aid modernisation and unclear governance of the project.
State aid modernisation is of strategic importance for the EU in a highly competitive globalised economy. The EESC shares in its opinion the Commission's vision but considers that this ambitious reform needs clarification in certain respects. The importance of this reform and of the EESC's opinion is illustrated by the fact that the rapporteur was invited to meet personally with the Commissioner Almunia.
The Committee maintains that lessons need to be learned from recent economic and financial crises and a fresh approach adopted to ensure more effective supervision by national, European and international authorities and increased accountability of financial institutions.
The Committee supports the measures aimed at strengthening banks' capital structure and their ability to finance the economy.
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