The EESC underscores the potential key role of the Sustainable Finance Taxonomy Delegated Regulation in creating a clear, coherent and comprehensive framework to highlight the ambitious development of a greener economy without lock-in effects. The taxonomy should build on technical criteria that clearly define the green investments that directly contribute to Europe's climate objectives.
The Own Resources Decision (ORD) entered into force on 1 June, enabling the Commission to start borrowing resources for the Next Generation EU (NGEU) recovery instrument. For the EESC, a well-functioning funding strategy is key for the smooth implementation of NGEU. Sound and sustainable funding and solid risk management are in the very interests of civil society. Moreover, borrowing and debt management has to be based on democratic control, legitimacy and transparency.
The EESC stresses how important it is that the Commission manage the funding strategy directly and does not outsource this. The massive engagement on capital markets will be accompanied with a broad set of risks. The EESC supports the establishment of solid risk-management systems and the holding of the 'NGEU account' with the ECB.
The EESC shares the Commission's view on the strategic importance of payments and that further work is needed to enable payment transactions within the single market using new home-grown, pan-European payment solutions. It also supports the view that the Commission should act as a political catalyst, whilst it is the private sector that should design the innovative digital payment solutions. The EESC believes that relevant market players should be subject to appropriate legislation, supervision and oversight, ensuring a level playing field among those offering the same services and activities.
The EESC welcomes the new action plan on Capital Markets Union (CMU) and approves all of the 16 actions proposed by the Commission, but stresses the importance of prioritising and coordinating the initiatives (with concrete milestones to measure progress), emphasises those that it deems most essential and makes targeted complementary proposals. The EESC argues for two key priorities: 1) to improve the efficiency of the CMU by creating the European Single Access point, by applying a single rule-book and by simplifying withholding tax relief at source procedures and 2) implement proposals aimed at facilitating a shift long-term savings towards long-term investments.