The EESC supports the Commission's proposal to expand the scope of controls and the competency of the authorities in order to conduct checks and confiscate goods, whenever there is a reasonable indication of illicit activities. The EESC recommends to improve cooperation, both between the competent authorities and between Member States and suggests that penalties should be harmonised across Member States and communicated to the Commission in a coherent way. The Committee also proposes that, in addition to gold, other "highly liquid commodities" should be included in the definition of cash from the moment the new regulation is adopted and it draws attention to the threat of further use of pre-paid cards by criminals and terrorists to covertly finance their activities.
The EESC welcomes the Commission proposal for a Council Directive to improve double taxation dispute resolution mechanisms in the EU. Double taxation is one of the biggest tax obstacles to the Single Market. There is an urgent need for mechanisms ensuring that cases of double taxation are resolved more quickly and more decisively when they arise between Member States. Therefore it is urgent to implement this proposal.
The EESC appreciates the European Commission's effort to apply an economic policy that focuses on supporting the strong, sustainable, balanced and inclusive growth of the euro area as well as a balanced mix of monetary, fiscal and structural instruments in order to achieve this, including a positive fiscal stance.
The EESC strongly endorses the Commission's initiative to extend the duration and increase the financing of the European Fund for Strategic Investments (EFSI) and welcomes the positive results of the first year and considers the SME "investment window" a success. The Committee recommend that EFSI 2.0 should aim for ever greater involvement of private capital; stresses the importance of keeping a market-driven emphasis, reinforcing the additionality of the EFSI and calls for a more balanced geographically coverage across the EU. The EESC also recommends bolstering the European Investment Advisory Hub (EIAH) and the reinforcement of the social dimension of EFSI deployment. It is also in favour of using the EFSI to nurture the development of a shared industrial and dual technology base in the European defence sector. Finally, in the view of the Committee it is important to raise the visibility of EFSI funding.
The EESC welcomes and supports the Commission's initiative to anticipate the review of the Regulations on European venture capital funds (EuVECA) and European social entrepreneurship funds (EuSEF). The EESC believes that such a regulation can promote the establishment of a capital markets union. The EESC suggests that in order to expand participation in such investment funds, the hitherto very restrictive access criteria, as well as other restrictive conditions, to be significantly relaxed; the Committee proposes to increase the involvement of non-institutional investors and considers it equally important to create an environment in which the financing objectives of social investment funds can develop.
The Committee considers transparency essential as it is important for all parties, for the companies themselves, and for improving their image and boosting the trust of workers, consumers and investors. While the EESC recognises that most companies operating in the EU are indeed transparent and that investors and shareholders are increasingly paying attention to qualitative corporate social responsibility (CSR) indicators, it is important to focus simultaneously on both the effectiveness and scope of the information being filed and on its quality and veracity. The EESC believes that any further initiative on disclosure of information should include a common set of indicators and at the same time should take into consideration the nature of the company and the sector in which it is operating.
The EESC encourages the Commission to pursue its efforts to develop policy proposals aimed at promoting the creation of innovative and high growth firms. These policy proposals should strengthen the single market, reinforce the clusters and ecosystems in which innovative start-ups are created, develop the equity component of the European capital markets, encourage an academic agenda focusing on jobs for the future and minimise the cost and red tape involved in starting a new entrepreneurial venture.