Towards a more resilient and sustainable European economy (own initiative opinion) - Related Opinions
The exploratory opinion will look into EU competitiveness and the regulatory impacts of Union legislation on EU's businesses. The EU must decrease its strategic dependency and ensure its higher resilience, as well as openness to the outside world and competitiveness of its businesses. According to the Czech Presidency priorities, the Single Market serves as the EU's greatest asset in order to fulfil these targets.
The EESC welcomes the new action plan on Capital Markets Union (CMU) and approves all of the 16 actions proposed by the Commission, but stresses the importance of prioritising and coordinating the initiatives (with concrete milestones to measure progress), emphasises those that it deems most essential and makes targeted complementary proposals. The EESC argues for two key priorities: 1) to improve the efficiency of the CMU by creating the European Single Access point, by applying a single rule-book and by simplifying withholding tax relief at source procedures and 2) implement proposals aimed at facilitating a shift long-term savings towards long-term investments.
The EESC believes that there are well-founded reasons to establish uniform rules within the EU to combat global warming and based on these to embark on international discussions with other trading blocs. Furthermore, the Committee deems that, in the future, it could be useful and necessary to also devise new taxation measures that can supplement the current emissions trading system and national carbon taxes in order to achieve an effective and symmetrical policy framework to tackle the increasing amount of CO2 emissions.
While the recovery after COVID-19 crisis is a top priority, the EESC stresses that this should not steer the EU away from its medium and long-term objectives, as outlined in the European Green Deal, 2020 Sustainable Growth Strategy, and the European Pillar for Social Rights. There is a need for a resilient, technology-driven European economy that is defined by the protection of the environment. The EESC underlines that strategies aimed at enhanced economic sustainability need to be developed around productivity, but they cannot be allowed to happen at the expense of workers' rights and social development. The EESC advocates for re-thinking supply chains, underlines that social aspects should be emphasised, start-ups should be encouraged and that the cornerstone of sustainable economic growth in the EU should be the creation and development of a truly circular economy. Open dialogue with social partners and civil society remains key to setting the economic direction.