In its opinion on 'Additional considerations on the euro area economic policy 2024', the EESC urges closer coordination of national budgetary policies and considers instruments like NextGenerationEU essential for future stability.
The EESC recommends including similar tools in the EU’s future financial frameworks to ensure resilience and fiscal sustainability.
The Committee calls for the completion of the Capital Markets Union to prevent investors from migrating to global markets, prioritising financial market stability and consumer protection, and highlights the need to fully implement the Banking Union by addressing regulatory disparities across Member States, creating a common deposit insurance scheme, and mobilising financial resources for European infrastructure projects.
Reporting requirements are key for the enforcement and monitoring of legislation, but can also lead to burdens on stakeholders. The European Commission, under the REFIT programme, is proposing to streamline reporting obligations and reducing administrative burdens with regards to financial services, the InvestEU programme and certain benchmarks, while allowing the reuse of data for innovation and research purposes.
Download — EGSZB-vélemény: Improving benchmarks and reporting requirements in financial services and investment support
The EESC opinion, that covers the Commission proposal and the request from the Spanish Presidency of the Council, endorses the reform. However, it notes the need to strike a balance between flexibility and predictability in its implementation, as well as a balanced and proportional public interest assessment to avoid damaging the interest of smaller and local entities.
Download — EGSZB-vélemény: Review of the Bank crisis management and deposit insurance framework
The EESC emphasises that the designing of proposals for new sources of own revenues should be done in context of the budgetary pressures faced by Member States following the pandemic and the ongoing international tensions. This has become all the more important in the current higher interest rate environment. The EESC also emphasises that the second set of own resources measures should be in line with the proportionality and social fairness principles. An EU-wide tax on digital transactions could be potentially considered to increase own resources in case the agreed rules of the OECD/G20 Inclusive Framework are not respected by other major trading partners.
Download — EGSZB-vélemény: Second set of new own resources
