Comité Económico e Social Europeu
The European Economic and Social Committee (EESC) calls for ambitious economic objectives to be set to strengthen the euro. This has become even more important given the pace of change in the global economy and the EU's current position in terms of innovation, competitiveness and fostering an investment-friendly regulatory environment.
The involvement of organised civil society is far from satisfactory in a majority of EU countries, warned the European Economic and Social Committee at the annual conference of its European Semester Group, which took place remotely on 31 May. This event was organised right before the publication of the European Semester Spring Package by the Commission, on the 2 June 2021.
The COVID-19 pandemic has caused a slowdown in the activity of many economic sectors and, at the same time, is giving rise to a significant shift in the global balance of power. In this context, the EU is looking for an appropriate strategy to strengthen its role as a global economic player, with policies aimed at boosting the international role of the euro, strengthening the resilience of EU financial market infrastructures and improving the implementation of sanctions imposed on third countries.
In a debate at the EESC plenary session on 25 March, the Executive Vice-President of the European Commission for an Economy that Works for People, Valdis Dombrovskis said that most of the national recovery and resilience plans (RRPs) are still at an early stage and that "there is still a lot of work to do before the plans are mature enough". He also stressed that trade policy has a key role to play in getting the EU economy back on track.
The European Economic and Social Committee (EESC) has adopted its position on the EU's economic priorities for 2021. It welcomes the steps taken in the strategy to address the challenges of the COVID-19 pandemic in the context of the European Green Deal, but is disappointed that the strategy proposed by the European Commission devotes too little attention to social issues. It also warns against phasing out support measures too early and advocates establishing new fiscal rules that will reflect social and economic realities after the pandemic.
In its opinion on the Euro area's economic policy for 2021, the European Economic and Social Committee welcomes the Commission's recommendations, but calls for a shift in fiscal rules towards a more prosperity-oriented form of economic governance, including a golden rule for public investment.
The RRF is still under negotiation, but according to the EU institutions the involvement of civil society will be fundamental both in the design and implementation phases of the national recovery and resilience plans.
Taking into account the disastrous social and economic impact of the COVID-19 crisis, the EESC has adopted two additional opinions on the Annual Sustainable Growth Strategy and on the euro area economic policy.
Achieving the Sustainable Development Goals (SDGs) requires more than political commitment, says the European Economic and Social Committee. Increased investment, especially by the private sector, is needed to address current economic, social and environmental challenges. The Committee therefore advises the EU and its Member States to adjust their investment and tax policies to enhance growth prospects, and thereby private sector contributions, to accomplishing the SDGs.
