In an opinion adopted during its March plenary, the European Economic and Social Committee (EESC) welcomed the European Commission (EC) proposal to implement the remaining elements of the Basel III international standards in the EU. The aim is to strengthen the resilience of the banking sector while ensuring that it continues to finance economic activity and growth. But the EESC also calls on the EC to find a proper balance between faithful implementation, and the need to reflect the specificities of the EU economy and banks.
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Ensuring effective and fair taxation across the Single Market is crucial to stimulating a real recovery after the COVID-19 pandemic. In an opinion adopted at its March plenary session, the European Economic and Social Committee (EESC) supported the European Commission (EC) proposal on the misuse of shell companies for tax purposes. This is purely a tax directive proposal, however, and the Commission needs to dig deeper into the topic, and address other key issues related to shell companies.
In an opinion adopted at its plenary session on 23 February, the European Economic and Social Committee (EESC) welcomed the communication of the European Commission (EC) on this year's Annual Sustainable Growth Survey, outlining the priorities and guiding principles for the 2022 European Semester cycle. The Committee applauded the unprecedented actions of solidarity taken by the EU in dealing with the COVID-19 crisis. The impact on economic activity, however, has been significant, and the level of uncertainty in Europe continues to rise.
The rules of Solvency II, the 2009 EU regulatory framework for insurance firms, have proved their worth but need to be adapted to new circumstances. In an opinion adopted at its plenary session on 23 February, the European Economic and Social Committee (EESC) welcomed the initiative of the European Commission (EC) to revamp Solvency II. The Committee stresses the considerable interest of civil society in ensuring the stability of the financial sector, and therefore calls for sound capital requirements and risk preparedness in the insurance sector.
Taxation is a major tool for meeting public financing needs, as well as for supporting growth and job creation, both during the recovery and in the future, for a green and digital transition in the EU. In an opinion, adopted at its plenary on 23 February, the European Economic and Social Committee (EESC) welcomed the long-awaited European Commission (EC) initiative on the strategy on business taxation in the 21st century. However, the Committee also points out possible shortcomings and suggests additional key areas to be addressed.
The European Commission relaunched the public debate on the review of the EU economic governance framework in October 2021, almost a year after it was put on hold. Following up on this relaunch, the European Economic and Social Committee (EESC) and the European Commission's Directorate-General for Economic and Financial Affairs (DG ECFIN) held a joint online conference as part of the public debate.
The current socio-economic situation in euro area countries is characterised by a high level of uncertainty, an unprecedented accumulation of public debt and the rise of inflation. Despite initial encouraging expectations for a recovery in the real economy, it seems that the process is more complicated due to the rapid spread of the COVID-19 pandemic and the appearance of new variants. During its plenary on 19 January 2022, the European Economic and Social Committee (EESC) adopted an opinion on the European Commission's (EC) recommendations on the economic policy of the euro area for 2022, according to present-day reality.
The European Commission has submitted its new 2021 legislative package on anti-money laundering (AML) and countering the financing of terrorism (CFT) to the co-legislators and the European Economic and Social Committee. In its opinion, adopted during the December plenary session, the EESC fully supports the proposals, but also stresses the urgency of implementing these measures and suggests key additions.
The EU is transitioning from a model driven by growth to one predicated on sustainability, where the real level of well-being and development of our society is taken into account.
EESC plenary debate with Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union
8 December 2021
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