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).
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Download — EESK:s yttrande: Recovery plan for Europe and the Multiannual Financial Framework 2021-2027
After the financial crisis, it became clear that the fragmented environment in the EU made it difficult to deal decisively and effectively with problems, particularly in the financial system. A common and cross-border approach became essential/were needed. The challenge was to make the financial institutions and markets more stable, competitive, safe and resilient. From that perspective, the plans for a fully-fledged banking union and a capital markets union were the right response.
The EESC proposes launching a European pact to effectively combat tax fraud, evasion and avoidance and money laundering. The Committee calls on the European Commission to promote a political initiative involving national governments and the other European institutions in achieving this goal, fostering the consensus needed for this and involving civil society. Cooperation between Member States should be the main pillar of the pact. The Committee urges the European institutions and the Member States to provide the financial and human resources required for the effective implementation of existing European legislation and to agree on a commitment to adopt all necessary new legislative and administrative measures to effectively combat tax offences and bad practices, money laundering and the activities of tax havens. This requires permanent evaluation of the outcome of implementing each measure.
Slideshow used by DG FISMA at the study group meeting ECO/510 on 8 June 2020
While acknowledging the progress made by the Commission in taking account of smaller and less complex banking institutions in its recent regulatory measures, the EESC believes it would be useful to further increase the proportionality of banking rules, without sacrificing the effectiveness of prudential rules.
The EESC endorses the recent decision to push back the date for implementing the Basel III accord, and feels that when the time comes, the new provision on capital requirements should be transposed in a way that caters properly for the diversity of banking business models in Europe.
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Download — EESK:s yttrande: Inclusive and sustainable Banking Union
Banking and insurance are evolving. Insurance companies and banks are at the forefront of the development of the digital economy. The very nature of their activities lends itself to the intensive use of the new technologies. In a highly competitive framework marked by a keener pursuit of competitiveness, insurance companies and banks have become part of an ongoing drive for innovation.
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Download — EESK:s yttrande: Digitalisation and innovative business models in the European financial sector, impact on employment and customers (own-initiative opinion)
The EESC welcomes the Commission's proposals as they can contribute to the various goals of the Commission, such as creating a single and integrated regulatory framework for investment firms, building stronger capital markets to promote investment, unblock existing and provide new sources of financing for companies and households, attracting investment firms to the EU after the Brexit and strengthening the Economic and Monetary Union. The EESC is pleased that SMEs are expected to be among the main beneficiaries of the Directive and the Regulation. The EESC welcomes the fact that the proposals establish the necessary norms and requirements for initial capital and existing capital, supervisory powers, publication and remuneration. These proposals could therefore contribute to risk reduction in the EU. Finally, the EESC highlights the importance to ensure the flexibility of the legal framework for investments firms.
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Download — EESK:s yttrande: Review of the prudential rules for investment firms
