The EESC considers that in addressing the challenges and risks associated with digital transformation, regulation for technology providers, protecting consumers, granting access to financial services, operational resilience and security of network and information systems are crucial for creating the Digital Single Market for financial services. As concerns crypto assets, the EESC endorses the various regulatory adjustment measures envisaged which are needed to modernise financial services, without losing sight of consumer protection and prudential rules.
The EESC considers that in addressing the challenges and risks associated with digital transformation, regulation for technology providers, protecting consumers, granting access to financial services, operational resilience and security of network and information systems are crucial for creating the Digital Single Market for financial services. As concerns crypto assets, the EESC endorses the various regulatory adjustment measures envisaged which are needed to modernise financial services, without losing sight of consumer protection and prudential rules.
Download format:
Download — Opinia EKES-u: Digital Finance Strategy for the EU
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.
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Download — Opinia EKES-u: A Capital Markets Union for people and businesses – new action plan
The corona crisis is a huge human and societal tragedy for Europeans and for people throughout the world. Tackling its diverse impacts requires a series of measures, from coping with the emergency stage and proceeding via recovery and rebuilding towards long-term success and stability. Businesses that manage to recover well and succeed are key to the recovery of the EU economy as a whole.
The EESC strongly supports the Commission's proposal – Next Generation EU – as a specific tool for a quick and effective recovery.
The EESC takes a very positive view of the Commission's two main decisions:
to introduce an extraordinary financial recovery instrument as part of the multiannual financial framework
to raise common debt, which will be repaid over a long period of time, and prevent the extraordinary financial burden from falling directly on the Member States in the short run.
The EESC strongly welcomes the fact that the newly proposed instrument should be closely coordinated with the European Semester process, and furthermore welcomes the Commission's proposal to introduce additional genuine own resources based on different taxes (revenues from the EU Emissions Trading System, digital taxation, large companies' revenues).
Download format:
Download — Opinia EKES-u: Recovery plan for Europe and the Multiannual Financial Framework 2021-2027
