A Capital Markets Union for people and businesses – new action plan - Related Opinions
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).
The absence of economic and social convergence among Member States and regions is a threat to the political sustainability of the European project and all the benefits it has brought to European citizens. Developing economic and labour market resilience with economic, social, environmental and institutional sustainability should be the principle guiding policies. This will foster upwards convergence and fairness in the transition towards a climate-neutral economy while managing the challenges posed by digitalisation and demographic change.
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.