553rd Plenary session, 15-16 July 2020 - Related Opinions
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The Commission's new Circular Economy Action Plan focuses on sustainable products, less waste, product value chains, and circularity in regions and cities, and the global level.
While acknowledging the progress made by the Commission in taking account of smaller and less complex banking institutions in its recent regulatory measures, the EESC believes it would be useful to further increase the proportionality of banking rules, without sacrificing the effectiveness of prudential rules.
The EESC endorses the recent decision to push back the date for implementing the Basel III accord, and feels that when the time comes, the new provision on capital requirements should be transposed in a way that caters properly for the diversity of banking business models in Europe.
The Covid-19 impact is having a profound and unprecedented impact and Europe needs to respond with a strong, social, sustainable and inclusive EU Recovery Plan that will support companies and people. The upcoming early EU Trade Strategy review needs to draw important lessons from this crisis. The EU is not self-sufficient and depends on access to international markets. It needs resilient, diversified and responsible Global supply chains. Stronger instruments need to deliver on a sustainable trade and investment agenda in all its dimensions. It needs to be consistent with the Green Deal and show equal ambition on the effective implementation and enforcement of labour provisions. European Economic and Social Committee (EESC) recommendations made in a series of recent and ongoing key opinions on EU trade must inform this strategy review.
The EESC welcomes this package of new initiatives in a wide range of areas and advocates a European path to digitalisation by seizing the opportunities for the economy together with the protection of our data to ensure privacy and self-determination.
The EESC believes that there are well-founded reasons to establish uniform rules within the EU to combat global warming and based on these to embark on international discussions with other trading blocs. Furthermore, the Committee deems that, in the future, it could be useful and necessary to also devise new taxation measures that can supplement the current emissions trading system and national carbon taxes in order to achieve an effective and symmetrical policy framework to tackle the increasing amount of CO2 emissions.
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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