When the international economic and financial crisis struck, it exposed the structural limitations and contradictions in EMU, depriving the euro of its propensity to attract. The crisis proves that it takes much more than a set of "accountancy" rules such as the stability pact and others, because the underlying problems are not technical but economic and political. Some progress has been made in the past few years by putting in place new rules and mechanisms, notably parts of a Banking Union, but the construction works are far from being completed yet, which contributes to the persisting climate of uncertainty among citizens and business, and hinders the growth potential of the European economy ...
The EESC welcomes the proposals concerning NPLs made by the European Commission, but recommends a specific impact assessment to ensure the suitability and effectiveness of the proposed measures
Sovereign bond-backed securities (SBBS) can contribute to a greater diversification of and a risk reduction for sovereign bond portfolios held by banks and other financial operators. This could have a positive impact on the stability and resilience of the financial system and improve financial market integration.
Last week the Council of Ministers decided to extend the European fund for strategic investments (EFSI 2.0), with an additional half a trillion euros of investments by 2020. The EESC Plenary today called for its immediate implementation, a geographically balanced coverage across the EU and ensuring the involvement of private capital. According to Alberto Mazzola, EESC rapporteur on EFSI: "We propose, while guaranteeing the proper use, an ever greater involvement of private capital: the bond market ...
The European Economic and Social Committee held a debate today on the state of the European economy and the prospects for deepening the Economic and Monetary Union (EMU) with Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs.
There is no viable alternative to a more political Eurozone, focusing more on the big priorities that matter for its citizens than on specific numerical targets and technical issues. Once again, the EESC calls on the European political leaders to accelerate the process of deepening Economic and Monetary Union (EMU) in order to ensure more convergence among the Member States and to make the EU as a whole more prosperous, competitive and resilient to external shocks, within a concept of shared sovereignty.
The EESC presents measures to avoid the severity of austerity in the future and to mitigate the negative effects of previous crisis management
Future crisis management should strive for a better balance between fiscal and social objectives to avoid adverse effects on the economic capacities, labour markets and social protection systems of the countries concerned. Instead of restrictive austerity, the EU institutions should in future crisis situations implement policies in pursuit of economic cooperation, growth and solidarity.
At its plenary meeting on 17 March 2016, the European Economic and Social Committee gave a clear message to the European Commission, calling on it to draw up conclusive proposals which go further in completing Europe's Economic and Monetary Union without delay. In a package of opinions, the Committee put forward the points of view of the social partners and civil society on the package of proposals for Deepening EMU which the Commission published at the end of last year.
It is vital to foster economic growth; only if Europe has a strong economy, can it better face the political and social challenges that stand before it. This was one of the main messages of the EESC opinions adopted yesterday in Brussels. The EESC calls for more investment– both private and public – directly in the countries that need it most. The EU body representing Civil Society also finds that the Juncker plan is not enough ...
The European Economic and social Committee is organising the public debate "What future for the euro? Threats and opportunities for stage 2 of deepening EMU". The aim of our public debate is to support the necessary consensus-building on an ambitious roadmap for completing EMU by 2025, as part of a global vision for the future of the European Union.