This exploratory opinion for the Cyprus Presidency examines the possibility for the European Union to develop a so-called macro-regional strategy for the Mediterranean; these integrated strategies seek to coordinate the various EU policies for a given functional & territorially defined region. The Mediterranean region is geographically very large and has varying economic, social, political and cultural features, and countries with different systems and infrastructures (EU countries, non-EU countries with EU candidate status, and non-EU countries taking part in Euro-Mediterranean cooperation). For this reason the EESC proposes that two subregional policies (for the eastern and western Mediterranean) should be set up, which would be complementary, coordinating their work with each other and with that of the macro-regional Adriatic-Ionian strategy.
Download — Macro-regional strategy in the Mediterranean
The EESC welcomes this legislative proposal which ensures the effective resolution of failing financial institutions within the EU, and supports the introduction of harmonised rules regarding intra-group financial support. The Committee also stresses that the Central Banks, including the ECB, have to be involved in the assessment of the recovery and resolution plans, while remaining independent. Professional advice of consumer organisations, trade union representatives, etc., should also be sought. The Committee encourages a greater degree of certainty for the institutions by introducing explicit and more clearly defined rules. The opinion demands more clearly defined rules for the Special Manager (SM) as a highly intrusive early intervention measure, and points out the need for additional clarifications regarding both the bail-in tool and the Resolution Authorities (RAs).
Download — Recovery and resolution of credit institutions
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.
