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
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 has looked very carefully at the proposed Common Strategic Framework (CSF) which is now fully integrated in the draft Common Provisions Regulation and seeks to translate the objectives of the Union's Cohesion Policy into practice through better coordination between the several EU Structural Funds. The EESC has also listened carefully to the various points of view expressed by the representatives of organised civil society during a successful and well-attended hearing. The EESC supports the creation of a Common Strategic Framework; an effective CSF will also remove the unnecessary and inefficient separation that currently exists between the key funds. The EESC cautions, however, against additional bureaucracy or administrative complexity arising from the CSF and argues for a strong and genuine implementation of the partnership principle.
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.
