A Capital Markets Union for people and businesses – new action plan - Related Opinions
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The EESC underlines that increased equity funding for European companies is key and therefore strongly welcomes the Listing Act proposed by the Commission. Bringing family-owned companies to capital markets would open up untapped potential to attract capital for growth. In this context, a multiple-voting rights regime helps families to retain control, making listing more attractive to them, and streamlining the contents of a prospectus would significantly reduce costs and burden for issuers.
EU companies rely excessively on banking financing and are highly indebted. This own-initiative opinion proposes the development of a highly subordinated instrument at EU level that boosts the recapitalisation of EU firms. This would be a secure and easy-to-implement solution for SMEs, that would improve their financial position and promote investment without increasing leverage.
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).
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