In the framework of this opinion a hearing (Agricultural machinery and construction and handling equipment: what is the best way out of the crisis?) was organized in Bologna, Italy, on 11 November 2010.
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The Committee welcomes the increased attention brought to social investment, a greater targeting of European funds to sound employment and social policies, a dedicated youth employment initiative and youth guarantee scheme, and better cross-border mobility. It also welcomes the foreseen strengthened social dialogue as part of the European Semester process. It particularly supports the idea to step up closer surveillance of employment and social imbalances within the EMU through a systematic monitoring of rates of unemployment, of young people not in employment or training or education, of household income, poverty and inequality. The proposed scoreboard should pro-actively detect asymmetric developments and spill-over into overall economic performance and trigger a timely and effective adjustment mechanism and policy response.
The EESC welcomes the Commission communication and emphasises the growth potential of crowdfunding in the EU as an alternative source of funding. It also emphasises the dependence of SMEs on bank loans, a situation that will persist despite the existence of alternative sources which are not always easy to access. Therefore Crowdfunding should be explicitly recognised in the laws of the Member States as a new form of patronage.
The EESC considers it vital to preserve the "biodiversity" of the financial system, without this meaning the arbitrary application of rules. In this context the Committee applauds the consideration the European Commission has given to the introduction of calibrated financial regulation frameworks to consider the specificities of cooperative and savings banks that avoid the undesirable effects of uniform application of prudential rules and possibly an overload of administrative burdens.
This opinion is part of a wider package of four EESC opinions on the future of the European economy (Deepening of the Economic and Monetary Union and Euro area economic policy, Capital Markets Union and The future of EU finances). The package of opinions underscores the need for a common sense of purpose in the Union governance, which goes far beyond technical approaches and measures, and is first and foremost a matter of political will and a common perspective. For this reason, the EESC considers it essential to have a balanced mix of euro area economic policies, with their monetary, fiscal and structural components properly interlinked. The Committee notes the improving economic situation in the euro area and recommends that, in order to maintain and bolster this, crucial steps be taken to stimulate investment and carry out reforms, while also strengthening the social and democratic dimensions of euro area governance.