European economic and financial system: fostering openness, strength and resilience

Key points:

The EESC

• welcomes the Communication and considers that as the post-pandemic transformation is causing a significant shift in the global balance of economic power, the EU should act swiftly to increase Europe's economic resilience;
• agrees with the need to strengthen the international role of euro as a key tool for enhancing Europe's global position;
• calls for setting ambitious economic objectives to strengthen the single currency, especially given the pace of change in the global economy and the EU's current position in terms of innovation, competitiveness and a regulatory friendly environment;
• calls for a stronger focus on the reasons for the euro's weakening international role, and for the completion of the Economic and Monetary Union;
• recommends that more attention should be given to the growing position of China;
• calls for the completion of the Banking Union and of the Capital Markets Union, which is essential to increasing the EU's resilience;
• approves all actions proposed by the Commission and proposes introducing measures to help complete the structural changes both at EU and national level, such as revising the economic governance framework in order to make it more prosperity-oriented and investment-friendly;
• calls for more emphasis to be put on reviewing regulations, in terms of their impact on the competitiveness of European companies. The role of universities and research institutions in terms of innovation development should be recognised more;
• supports the proposal to create a digital euro and the continued issuance of green bonds denominated in euro;
• agrees that developing financial market infrastructures will prevent reliance on the provision of critical services (including data providers) from third-country jurisdictions and help increase the EU's resilience;
• suggests that ways to cope with the growing EU dependence on non-EU financial and extra financial data providers should be considered;
• supports the development of tools to counteract the effects on EU economic operators of the unlawful, extra-territorial application of unilateral measures by a third country.