State aid modernisation is of strategic importance for the EU in a highly competitive globalised economy. The EESC shares in its opinion the Commission's vision but considers that this ambitious reform needs clarification in certain respects. The importance of this reform and of the EESC's opinion is illustrated by the fact that the rapporteur was invited to meet personally with the Commissioner Almunia.
The Committee maintains that lessons need to be learned from recent economic and financial crises and a fresh approach adopted to ensure more effective supervision by national, European and international authorities and increased accountability of financial institutions.
The Committee supports the measures aimed at strengthening banks' capital structure and their ability to finance the economy.
The world is subject to rapid geopolitical change. The dominant position of the Western world is being challenged both economically and politically. While defence budgets across the European Union are being cut, defence spending in China, India, Brazil, Russia and others is going up. Therefore the EESC calls on the Council and the Commission to make an overall evaluation of determining aspects of the EU's position and role in the world, to result in a convincing update of European foreign, security and defence policies.
