Although considerable progress has already been made towards completing EMU, there is still a need to significantly reinforce all four of its pillars, taking care to maintain the balance between them, as neglecting one or more of these pillars could result in dangerous disparities. Resilience to crises is a necessary, but not sufficient, condition for completing EMU: it also requires a positive vision, as set out in Article 3 of the EU Treaty. The EESC generally calls on the European institutions and national governments to take much more ambitious action in the context of EMU reform in order to achieve a more integrated, more democratic and socially better developed Union.
SEIRBHÍSÍ AIRGEADAIS AGUS MARGAÍ CAIPITIL - Related Opinions
The EESC notes that the international role of the euro has not yet recovered to the pre-financial crisis level. Whereas the European Commission's proposed measures are welcome and deemed necessary by the EESC, they may not go far enough given the extent of the euro area's social and economic challenges. Social cohesion, economic upward convergence and the promotion of competitiveness and innovation should be the basis on which the euro area's economy gathers pace and supports a stronger international role for the euro.
The EESC welcomes the Investment Plan for Europe for its contribution to the promotion of investment in the EU. The Committee calls for clearly set investment targets, regulatory simplification and further guidance in order to achieve greater geographical and sectoral balance. The EESC advocates for strengthened financial capacity for the InvestEU programme within the Multiannual Financial Framework 2021-2027 and calls for more efforts to raise awareness among European businesses and citizens about the benefits obtained from the Investment Plan for Europe.
The opinion tables proposals on how to enhance the European project and bring it closer to its citizens.
The EESC supports the Commission's Action Plan on financing sustainable growth, aimed at reorienting capital flows towards sustainable investment, and welcomes the legislative proposals stemming from it, on fiduciary duties, a taxonomy and benchmarks. The proposed gradual approach for its implementation, beginning with the work on a European sustainability taxonomy, is preferable. However, a subsequent extension of the initial taxonomy, based on environmental aspects, to social sustainability and governance goals will be necessary. Attention should be paid to the feasibility and proportionality of legal obligations.
The EESC agrees with the European Commission about the need to modernise and simplify EU consumer policy and considers that the new legislative package contributes to bridging the gap created by the exponential growth of e-commerce, undermining consumer confidence and causing distortions to the single market.
The EESC is in favour of creating a Pan-European personal pension product – PEPP but is unclear as to whether the investment arising from this initiative will remain within the EU and on the impact on labour mobility across the EU. Every effort, by way of tax relief, should be provided to encourage as many workers as possible to take up personal pension products. The EESC emphasises the need for consumer protection and risk mitigation for savers during the course of their working lives and on retirement. The EESC also underlines the importance of the role of the European Insurance and Occupational Pensions Authority (EIOPA) in monitoring the market and national supervisory regimes with a view to achieving convergence and consistency across the EU especially regarding the governance structure for PEPPs within any provider.
This opinion is part of a wider package of four EESC opinions on the future of the European economy (Deepening of the Economic and Monetary Union and Euro area economic policy, Capital Markets Union and The future of EU finances). The package of opinions underscores the need for a common sense of purpose in the Union governance, which goes far beyond technical approaches and measures, and is first and foremost a matter of political will and a common perspective. The EESC is strongly in favour of the Capital Markets Union (CMU) and finds it absolutely necessary that the CMU becomes a reality in all EU Member States and calls for the political will at European level and in the Member States to make all necessary efforts and to establish all of the relevant conditions required.