Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-07-Speech-3-539-000"
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"en.20151007.27.3-539-000"2
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"Mr President, there is much within the Commission’s proposal which I believe is to be welcomed. It should be easier for investors to spend money on infrastructure, something my own Group has long championed. Measures to make it easier for businesses to provide information about themselves and for investors to access that information are also positive, and it does make sense to try and simplify the process for issuing shares.
But, as many others have said, there are areas where caution is necessary. First, the vast majority of SMEs will continue to be best served by the banking system to provide financing, even with the Capital Markets Union (CMU), so I was encouraged to see the comment from Commissioner Hill, when he spoke to the Brookings Institution, that CMU is not and must not be explained as solely a set of measures that will benefit SMEs. However, in order to truly and sustainably boost growth, far more attention must be paid by the Commission firstly to those EU-funded mechanisms intended to support SMEs becoming investment-ready and, secondly, to the ability and, above all, the willingness of the banking system to finance SMEs.
Second, when it comes to the Commission’s proposals on securitisation, safety, transparency and simplicity are all relative terms, given the carnage caused to our European finance markets by contagion from security-fuelled financial problems in the US. The Commission must err on the side of caution here.
Third, given that Member States’ attempts to level the tax playing field for debt and equity have sometimes provided new mechanisms for tax avoidance, I will be scrutinising this proposal very carefully.
Above all, the Commission should be very wary of those who are using their action plan as an opportunity to push deregulation. Some are desperate to return to what they see as the glory days of the 1990s and early 2000s. Those people have short memories and very little sense of responsibility."@en1
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