A new vision for completing the Economic and Monetary Union (own initiative opinion) - Related Opinions
While the recovery after COVID-19 crisis is a top priority, the EESC stresses that this should not steer the EU away from its medium and long-term objectives, as outlined in the European Green Deal, 2020 Sustainable Growth Strategy, and the European Pillar for Social Rights. There is a need for a resilient, technology-driven European economy that is defined by the protection of the environment. The EESC underlines that strategies aimed at enhanced economic sustainability need to be developed around productivity, but they cannot be allowed to happen at the expense of workers' rights and social development. The EESC advocates for re-thinking supply chains, underlines that social aspects should be emphasised, start-ups should be encouraged and that the cornerstone of sustainable economic growth in the EU should be the creation and development of a truly circular economy. Open dialogue with social partners and civil society remains key to setting the economic direction.
This own-initiative opinion will focus on the interface and inter-linkages between the European semester and Cohesion policy under the new Multiannual Financial Framework with a view to developing policy proposals to improve sustainable growth performance. With the Europe 2020 Strategy coming to an end, these proposals can contribute to the preparation of a new European strategy post-2020.
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 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.
The EESC considers the proposed European Investment Stabilisation Function (EISF) as a step towards closer euro area integration, and possibly an attempt to encourage non-euro Member States to join the single currency. However, the EESC is of the view that a well-crafted union-wide insurance scheme that acts as an automatic stabiliser amidst macroeconomic shocks would be more effective than the proposed EISF.
The EESC welcomes and endorses the rationale behind the establishment of the Reform Support Programme. However, the EESC believes that, in order to launch the programme successfully and obtain the expected benefits, better responses are needed to a number of still open questions.