Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-07-Speech-3-549-000"
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"en.20151007.27.3-549-000"2
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"Mr President, I very much welcome the position that has been outlined by the Commission and I welcome Commissioner Katainen to the House this evening. I also welcome the roadmap that has been established.
There are clear timelines in the roadmap for the Commission and for Parliament, and we need to stick to those timelines, because I think the Capital Markets Union (CMU) is a crucial project in terms of the mandate of this Parliament and indeed of this Commission.
Of course Europe will still depend on its banks for funding to businesses big and small, but over a period of time we need to provoke more non-bank lending, and the way you do that is to have a harmonised approach across the European Union in order to encourage more funds to invest, especially in the equity markets.
Since the crisis, we face a huge investment gap. In my own country, private investment is down 20%. That is not going to be filled by the banks. It certainly is not going to be filled by governments, who are already stretched for cash. So we need to find new ways to make sure that that funding gap is bridged. Half of all disposable assets in Europe are held in cash. If we can make sure that some of that saving can be used for productive purposes, people will go back to work and we can ensure that the economic cycle is put in place and is helped.
We already have an awful lot of expertise within the European Union, as Gunnar Hökmark said. In my own country, in Dublin, we have a very significant securitisation market and the potential of that is crucially important in terms of encouraging a much wider Capital Markets Union.
This is not just about SMEs. Of course SMEs are crucial, but it is also about establishing a financial escalator whereby businesses can grow quickly in Europe. We are losing out to the United States of America, especially when it comes to venture capital. Too many of our businesses are being lost as a consequence of failure to get necessary funding, in terms of making sure that investment pays off. There is great opportunity in this proposal. We need to work on it and we need to keep the timelines clear."@en1
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