The EESC welcomes the Commission's proposals to amend the Taking of Evidence Regulation and the Service of Documents Regulation and calls on the Commission to take into account its observations: without a genuine judicial area, the freedoms of the single market cannot be fully taken advantage of.
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Although considerable progress has already been made towards completing EMU, there is still a need to significantly reinforce all four of its pillars, taking care to maintain the balance between them, as neglecting one or more of these pillars could result in dangerous disparities. Resilience to crises is a necessary, but not sufficient, condition for completing EMU: it also requires a positive vision, as set out in Article 3 of the EU Treaty. The EESC generally calls on the European institutions and national governments to take much more ambitious action in the context of EMU reform in order to achieve a more integrated, more democratic and socially better developed Union.
The EESC wants the conditions be created for an efficient, modern financial services sector with appropriate regulations, which grants access to capital providers by companies seeking investment, especially SMEs and high growth companies, and finds it of utmost importance to overcome the current fragmentation of the markets.
Since a Capital Markets Union (CMU) is to a significant extent a reality for large companies, the EESC stresses the need for measures that will also allow SMEs to benefit from it, for example through accepting simplified standardised criteria for registration on regulated markets, and providing a definition of an emerging growth and high growth company and devoting special attention to the needs of such companies on the capital market.
The EESC welcomes the establishment of economic priority programmes for the euro area at the start of the European Semester. To achieve a recovery of growth and employment a mix of financial, taxation, budgetary, economic and social policies is needed. In contrast to the recommendation of the Commission, the focus of fiscal policy should be designed to be more expansionist than neutral. The EESC advocates the reduction of taxation on labour insofar as it does not threaten the financial sustainability of social protection systems. The EESC calls for a coordinated effort to create a more business-friendly environment for SMEs through better regulation, adequate financing and facilitation of exports to markets outside the EU. There is a particular need to open up new funding opportunities for micro-enterprises and start-ups.
The Economy for the Common Good model proposes the transition towards a "European Ethical Market" which will foster social innovation, boost the employment rate and benefit the environment, for example through using indicators of wellbeing and social development beyond the GDP such as the Common Good Product and the Common Good Balance Sheet. The EESC considers that the Economy for the Common Good model is conceived to be included both in the European and the domestic legal framework and demands from the European Commission, in the framework of the upcoming renewed CSR strategy, to make a qualitative step in order to reward (in terms of public procurement, access to external markets, tax advantages, etc.) those enterprises that can demonstrate higher ethical performance.
The EESC believes that the fight against terrorism and its financing and efforts to combat money laundering and other related forms of economic crime should be permanent EU policy priorities. These efforts should be linked more closely with the efforts needed to combat tax fraud and tax avoidance. Therefore, the EESC considers creating public national registers of the beneficial owners of bank accounts, businesses, trusts and transactions, and access to them by obliged entities, to be a priority. Furthermore, all obligations laid down in the Anti Money Laundering Directive should be extended to all territories or jurisdictions whose sovereignty resides with the Member States. And free trade and economic partnership agreements should include a chapter on measures to tackle money laundering and terrorist financing, tax fraud and tax avoidance.