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The EESC welcomes these proposals on sovereign bond-backed securities (SBBSs), which fit into the broader context of completing the Banking Union and building a Capital Markets Union (CMU). Moreover, the proposals also have the potential to make a positive contribution to financial stability and resilience. The EESC has been strongly advocating a weakening of the link between banks and their home countries ("sovereigns") and therefore welcomes that SBBSs aim to contribute to this. The EESC considers that in conceptual terms, the idea of SBBSs is an attractive one and feels that the only way to find out whether banks will switch from bonds from their home countries to SBBSs for their investments and whether investors will be prepared to buy "junior" tranches in sufficient quantities to justify the creation of SBBSs, is to test this new financial instrument - the SBBS - on the market.
The EESC underlines European territorial cooperation (ETC) is a unique instrument of cohesion policy and one of the very few frameworks in which national, regional and local players from different Member States are systematically called upon to carry out joint measures and exchange practices and strategies.
The proposed opinion will look at new approaches to more fairly distributing the burden of transformation towards a sustainable Europe.
The EESC is of the opinion that building economic resilience, an objective that underlies the recommendations of the European Commission on the economic policy of the euro area, is of the utmost importance for the euro area economies. However, the Committee would like to stress that the pursuit of economic resilience should go hand in hand with increased labour market resilience, that is, the capacity of labour markets to weather shocks with limited social costs.
According to Eurostat forecasts (2015), over the coming decades, Europe’s population will grow slowly from 507 million people in 2013 to 526 million in 2035. This will be accompanied by substantial ageing: the section of the population aged 65+ should increase from 18% to 28%. And by 2060 the 65+ age group will number 149 million.
The exploratory opinion will aim to show how to boost social economy enterprises. It will seek to identify the best ways to strengthen their role in addressing tomorrow's challenges, in particular in the social field.