Majanduskasv

A genuine stabilisation of the economic and monetary union (EMU) can only succeed if the deficits in the EMU architecture are solved and to this end major reforms are undertaken. The longer the current austerity policy continues, that primarily looks at spending cuts without the addition of an effective investment plan and measures to enhance income through growth, social cohesion and solidarity, it will become increasingly clear that Europe's economic integration and prosperity is at risk from growing social inequalities. The EESC calls for greater "parliamentarisation" of the euro area, with a grand EP committee comprising all members of parliament from the euro area and from those countries wishing to join (26 Member States), combined with stronger coordination of members of parliament from the euro area on EMU issues (COSAC +).

The EESC wants the conditions be created for an efficient, modern financial services sector with appropriate regulations, which grants access to capital providers by companies seeking investment, especially SMEs and high growth companies, and finds it of utmost importance to overcome the current fragmentation of the markets.

Since a Capital Markets Union (CMU) is to a significant extent a reality for large companies, the EESC stresses the need for measures that will also allow SMEs to benefit from it, for example through accepting simplified standardised criteria for registration on regulated markets, and providing a definition of an emerging growth and high growth company and devoting special attention to the needs of such companies on the capital market.

The European economic governance rules, conceived in crisis, played an important role in fiscal consolidation and economic policy coordination, but the cost was high in terms of growth and employment. The quantitative easing measures now being embarked upon by the European Central Bank need to be matched by greater political initiatives by the Member States. In the review of the Multiannual Financial Framework in 2016, there is a need to back urgent structural reforms of common EU interest with some form of fiscal capacity. A reasonable deviation from the 3% deficit parameter should be considered as a temporary exception for a given number of years and not be automatically liable to sanctions. A lack of implementation of country-specific recommendations (CSRs) could be countered by real involvement of civil society and the social partners in drawing up CSRs.

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.