The EESC welcomes the Commission communication and emphasises the growth potential of crowdfunding in the EU as an alternative source of funding. It also emphasises the dependence of SMEs on bank loans, a situation that will persist despite the existence of alternative sources which are not always easy to access. Therefore Crowdfunding should be explicitly recognised in the laws of the Member States as a new form of patronage.
The EESC expresses its firm support for the structural reform of the banking system. It considers the Commission's proposal for a regulation to be a valid and effective response aimed at separating commercial banking activities from investment activities.
The EESC supports and encourages a broad agreement to boost the economy and restore trust in the financial institutions, and calls on the Commission to promote a European Social Pact for Sustainable Finance.
Nevertheless, the EESC believes that the Commission should give greater attention to investors and employees, who have hitherto received little attention in the reform.
Besides, the EESC recommends that oversight activities be carried out in close cooperation and coordination between the EBA and the national authorities, which are well-acquainted with the markets and which will play a key role in managing the new reformed European finance.
The effect of the current financial and economic crisis has put energy pricing under the spotlight because of the impact on household energy costs in the context of austerity and on industrial competitiveness of high energy prices. The importance of Market Based Instruments (MBI) is that they must both advance the transition to a resource-efficient and low carbon economy and support economic recovery. Environmental and climate policies should not be seen as a burden in the recovery from the fiscal and economic and social crisis, but rather as a part of the solution. The Committee urges the Commission to make environmental fiscal reform an integral and permanent part of the European Semester.
The Committee welcomes the increased attention brought to social investment, a greater targeting of European funds to sound employment and social policies, a dedicated youth employment initiative and youth guarantee scheme, and better cross-border mobility. It also welcomes the foreseen strengthened social dialogue as part of the European Semester process. It particularly supports the idea to step up closer surveillance of employment and social imbalances within the EMU through a systematic monitoring of rates of unemployment, of young people not in employment or training or education, of household income, poverty and inequality. The proposed scoreboard should pro-actively detect asymmetric developments and spill-over into overall economic performance and trigger a timely and effective adjustment mechanism and policy response.