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.
Opinions in the spotlight
The EESC welcomes the CEF's support for clean, low-carbon transport and sustainable energy structures, as well as the attention given to energy vulnerability. However, the Committee would like to see more financial resources allocated to the CEF.
It will be possible to meet the expectations of city "users" – inhabitants, businesses, visitors and administrators – thanks to digital service ecosystems overlaying high-quality material and immaterial enabling infrastructure. Establishing this infrastructure will also have a significant impact in terms of growth, employment and productivity.
At this time of far-reaching changes in the world of work, the key objectives and principles of social dialogue and collective bargaining still hold true. Their role is not to oppose changes, but to steer them for reaping the full benefits, whilst ensuring that fundamental workers' rights can still be asserted. There is a need for participative management, for collective rules to be drawn up, for the adaptation of social dialogue and to find innovative responses. Digitalisation and its effects on work is a priority
The EESC is in favour of creating a Pan-European personal pension product – PEPP but is unclear as to whether the investment arising from this initiative will remain within the EU and on the impact on labour mobility across the EU. Every effort, by way of tax relief, should be provided to encourage as many workers as possible to take up personal pension products. The EESC emphasises the need for consumer protection and risk mitigation for savers during the course of their working lives and on retirement. The EESC also underlines the importance of the role of the European Insurance and Occupational Pensions Authority (EIOPA) in monitoring the market and national supervisory regimes with a view to achieving convergence and consistency across the EU especially regarding the governance structure for PEPPs within any provider.
The EESC welcomes the Commission’s proposals and recommends that they be swiftly adopted and implemented by the Member States. The Committee agrees with the Commission's proposal to allow Member States to use two reduced VAT rates and recommends that the Member States continue to apply reduced rates to certain classes of goods and services of general interest.
The EESC flags up the potential of AI and would like to give its input to efforts to lay the groundwork for the social transformations which will go hand in hand with the rise of AI and robotics.
Women with disabilities constitute 16% of the total population of women in Europe, which means in the EU there are approximately 40 million women and girls with disabilities.
Women with disabilities face intersectional discrimination in all areas of life, including, socio-economic disadvantages, social isolation, violence against women, forced sterilisation and abortion, lack of access to community services, low-quality housing, institutionalisation, inadequate health care and denial of the opportunity to contribute and engage actively in society.
The EESC supports the Commission's Action Plan on financing sustainable growth, aimed at reorienting capital flows towards sustainable investment, and welcomes the legislative proposals stemming from it, on fiduciary duties, a taxonomy and benchmarks. The proposed gradual approach for its implementation, beginning with the work on a European sustainability taxonomy, is preferable. However, a subsequent extension of the initial taxonomy, based on environmental aspects, to social sustainability and governance goals will be necessary. Attention should be paid to the feasibility and proportionality of legal obligations.
In the opinion, the Committee states that taxation policy in general and combating tax fraud in particular must remain a priority for the next European Commission. In this line, the EESC endorses a debate on gradually shifting to QMV and the ordinary legislative procedure in tax matters, while recognising that all Member States must at all times have sufficient possibilities to participate in the decision-making process. Moreover, the Committee believes that any new rule must be fit-for-purpose and that certain conditions need to be met to successfully implement QMV: a sufficiently strong EU budget; better coordinated economic policy; and a substantial analytical work assessing to what extent current tax measures have been insufficient.
The EESC welcomes the establishment of economic priority programmes for the euro area at the start of the European Semester. To achieve a recovery of growth and employment a mix of financial, taxation, budgetary, economic and social policies is needed. In contrast to the recommendation of the Commission, the focus of fiscal policy should be designed to be more expansionist than neutral. The EESC advocates the reduction of taxation on labour insofar as it does not threaten the financial sustainability of social protection systems. The EESC calls for a coordinated effort to create a more business-friendly environment for SMEs through better regulation, adequate financing and facilitation of exports to markets outside the EU. There is a particular need to open up new funding opportunities for micro-enterprises and start-ups.