The EESC accepts the need to amend Capital Requirements Regulation 575/2013 and approves the proposed amendments.
The EESC appreciates the European Commission's effort to apply an economic policy that focuses on supporting the strong, sustainable, balanced and inclusive growth of the euro area as well as a balanced mix of monetary, fiscal and structural instruments in order to achieve this, including a positive fiscal stance.
The EESC welcomes the Commission's proposals that are a new, important step in the efforts to achieve greater integration and convergence by increasing integrated supervision and provide new building blocks for the realisation of the Capital Markets Union (CMU) in the EU. A smoothly operating CMU can make an important contribution to private, cross-border risk-sharing. The challenge is to find the right balance between the competences of national and European supervisors and, where possible, to apply the subsidiarity and proportionality principles. Keeping the future in mind, new developments and modern technologies, such as FinTech, as well as more sustainable financing, in line with international activities and agreements should be reflected in the system of supervision. Close attention should be paid to costs for the supervision. Where part of the costs is directly borne by the private sector, care should be taken to exercise budgetary discipline and avoid duplication.
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 Commission has published a Green Paper to discuss ways to regulate the shadow banking sector, an essential source of liquidity outside the regular banking system.
The EESC believes the players in the sector that include hedge funds, money market funds and structured investment vehicles should be subject to the very same regulatory and prudential requirements as the financial system as a whole.
The Committee insists the entire financial sector must assume social responsibility by moving beyond mere speculation and by serving economic growth.
Secure, efficient, competitive and innovative electronic payments are crucial for the Internal Market in all products and services, and this has an increasing impact as the world moves beyond bricks-and-mortar trade towards e-commerce. The two Commission proposals on card-based payment transactions will introduce maximum levels of interchange fees for transactions based on consumer debit and credit cards. The EESC wants to lower the caps for both credit and debit electronic payments, and include at the same level commercial cards. The proposal strengthens consumer rights concerning international money transfers and will also promote the emergence of new players and the development of innovative mobile and internet payment systems.
The EESC encourages the Commission to pursue its efforts to develop policy proposals aimed at promoting the creation of innovative and high growth firms. These policy proposals should strengthen the single market, reinforce the clusters and ecosystems in which innovative start-ups are created, develop the equity component of the European capital markets, encourage an academic agenda focusing on jobs for the future and minimise the cost and red tape involved in starting a new entrepreneurial venture.