Indeks 
 Poprzedni 
 Następny 
 Pełny tekst 
Procedura : 2015/2634(RSP)
Przebieg prac nad dokumentem podczas sesji
Wybrany dokument :

Teksty złożone :

O-000075/2015 (B8-0564/2015)

Debaty :

PV 06/07/2015 - 12
CRE 06/07/2015 - 12

Głosowanie :

Teksty przyjęte :


Debaty
Poniedziałek, 6 lipca 2015 r. - Strasburg Wersja poprawiona

12. Tworzenie unii rynków kapitałowych (debata)
zapis wideo wystąpień
PV
MPphoto
 

  Der Präsident. – Als nächster Punkt der Tagesordnung folgt die Aussprache über die Anfrage zur mündlichen Beantwortung (O-000075/2015) an die Kommission über das Thema: Erste Reaktion auf das Grünbuch der Kommission zur Schaffung einer Kapitalmarktunion von Roberto Gualtieri und Burkhard Balz im Namen des Ausschusses für Wirtschaft und Währung (2015/2634(RSP) - B8-0564/2015).

 
  
MPphoto
 

  Roberto Gualtieri, Autore. Signor Presidente, onorevoli colleghi, signor Commissario Hill, con questa risoluzione il Parlamento europeo esprime un forte e convinto sostegno al progetto di Unione dei mercati dei capitali. È un primo contributo per la definizione dell'agenda delle istituzioni europee e di un piano d'azione della Commissione.

L'Unione dei mercati dei capitali è una componente decisiva di una più ampia strategia a sostegno della crescita e della stabilità finanziaria; può consentire una maggiore diversificazione dei canali di finanziamento all'economia, che deve essere complementare e non sostitutiva al finanziamento bancario, un incentivo a una più efficiente allocazione delle risorse finanziarie attraverso il mercato interno, indipendentemente dalla collocazione geografica del prestatore o del mutuatario e può favorire una migliore condivisione del rischio e un migliore assorbimento degli shock.

In particolare, poi, noi pensiamo che l'Unione dei mercati dei capitali sia particolarmente necessaria per favorire lo sviluppo, la crescita, l'internazionalizzazione delle piccole e medie imprese e per incentivare una canalizzazione delle risorse finanziarie verso investimenti di lungo termine a sostegno dell'economia reale, della crescita, dello sviluppo.

Noi condividiamo, con la Commissione, la necessità di un approccio che sia, al tempo stesso, ambizioso ma pragmatico, concreto. E, quindi, delineiamo anche una visione più ampia, più di prospettiva, ma sosteniamo pienamente i primi passi che la Commissione ha indicato. La risoluzione è molto ricca, il collega Burkhard Balz sicuramente contribuirà a illustrarla.

Vorrei sottolineare solo alcuni punti: ovviamente il pieno sostegno, come ho detto, alla definizione di standard per la cartolarizzazione di alta qualità, revisione della direttiva relativa al prospetto ma anche standardizzazione di alcuni strumenti finanziari, sostegno all'accesso alle informazioni sulle aziende, in particolare quelle non quotate – su base volontaria naturalmente, ma si può pensare anche a un database e forse persino anche un'agenzia – e poi affrontiamo, appunto, i temi più complessi, come la disciplina sull'insolvenza, il tema della tassazione e, naturalmente, la sfida di andare verso il rafforzamento della supervisione fino alla meta di una supervisione unica.

Insomma, il Parlamento è pronto a fare la sua parte. Siamo qui e contribuiremo attivamente alla definizione e all'implementazione di una concreta roadmap per l'Unione dei mercati dei capitali.

 
  
  

Președinte: IOAN MIRCEA PAŞCU
Vicepreședinte

 
  
MPphoto
 

  Burkhard Balz, Verfasser. Herr Präsident! Die Kapitalmarktunion ist ein wichtiges Vorhaben für diese Legislatur. Wir unterstützen die Kapitalmarktunion , weil sie eine stärkere Diversifizierung in den Finanzierungsquellen der europäischen Wirtschaft verspricht, weil sie den Zugang zu Kapital für kleine und mittelständische Unternehmen verbessern will und weil sie den Binnenmarkt für Finanzdienstleistungen zugunsten der Verbraucher stärken kann. Das heißt, wir unterstützen die Ziele einer Kapitalmarktunion .

Gleichzeitig haben wir aber auch klare Forderungen bei der Umsetzung. Die Kommission erhält von uns keinen Blankoscheck. Aus unserer Sicht ist Folgendes besonders wichtig: Wir fordern einen ganzheitlichen Ansatz. Die Kapitalmarktunion ist kein Ersatz für die Bankenfinanzierung, ihre Aufgabe liegt in der Ergänzung und in der Verstärkung von bewährten Finanzierungsmodellen. Die Kapitalmarktunion muss daher Finanzintermediäre wie Banken und Versicherungen unbedingt miteinbeziehen.

Zweitens fordern wir einen europäischen Ansatz. Die Kapitalmarktunion ist keine Bankenunion, sie muss für den gesamten europäischen Markt gleichermaßen greifen. Wir wollen kein Kopieren der Modelle von Drittstaaten, sondern einen Ansatz entwickeln, der in unsere europäische Finanzierungskultur passt. Und wir fordern eine umfassende Analyse. Die Kapitalmarktunion soll da wirksam sein, wo es Hürden für die Kapitalmarktfinanzierung gibt. Diese Hürden müssen analysiert werden, um zu prüfen, ob sie in den einzelnen Mitgliedstaaten oder in der EU bestehen.

Die Kapitalmarktunion muss aus Fehlern der Vergangenheit lernen. Was in der Finanzkrise 2007/2008 bei der Kapitalmarktfinanzierung falsch gelaufen ist, darf nicht wieder passieren.

Viertens fordern wir einen wahren Nutzen für kleine und mittelgroße Unternehmen. Die Kapitalmarktunion darf sich nicht im Kleinklein eines Regelwerkes verlieren, sondern muss das umsetzen, was sie verspricht: einen besseren Finanzierungszugang und bessere Regulierung für kleine und mittelständische Unternehmen.

Klar ist für uns: Eine Kapitalmarktunion kann nur dann das Investitionsklima in Europa verbessern, wenn weitere Ausgangsvoraussetzungen stimmen. Dazu zählt vor allem ein stabiles wirtschaftspolitisches Umfeld, das auf Wirtschaftsreformen und Schuldenabbau setzt.

 
  
MPphoto
 

  Jonathan Hill, Member of the Commission. Mr President, this is an important moment for the capital markets union (CMU), and I would like to thank Mr Gualtieri and Mr Balz for setting out the issues facing us so clearly. This is a classic single market project for all 28 Member States: for those without developed capital markets, as well as for those with. Indeed, I would argue that it is Member States without strong capital markets which could stand to gain the most, because CMU will help create the conditions for capital to flow across borders and to SMEs, no matter where they are. To help this flow, we will look at venture capital, at angel investing, at crowd-funding and at private placement.

It is, as we have already heard, a major priority of the CMU to broaden the range of financing options for SMEs, to complement banking, and to improve the funding conveyor belt. We have all seen examples of European ideas and European businesses going to the United States for their funding. I want those businesses to stay and grow here in Europe. We will review our Venture Capital Regulation; we will strengthen our venture capital industry; we will review the Prospectus Directive to make it easier for larger SMEs to raise money on the public markets; we will seek to free up bank balance sheets by reviving the EU market for securitisation through the identification of simple, transparent and standardised securitisations. That will help banks to lend more, including to SMEs. We are also looking at how we could improve SME credit information to make it easier for SMEs to attract investment.

I think that Members of this committee know better than anyone about the steps taken over the last five years to improve the regulation of capital markets. Your resolution also rightly argues that we should take stock of the overall impact of financial regulation and be proportionate in our measures, and I agree with that. On supervision, respondents to the consultation argued that the ESA’s existing set of powers are sufficient, but some also called for greater supervisory convergence to ensure a level playing field. We also need to consider our overall macro-prudential framework.

In terms of next steps, we are on track to publish our action plan in September. Concrete proposals will follow shortly afterwards. They will include a comprehensive package on securitisation, with updated calibrations for Solvency II and CRR, the definition of infrastructure and revised calibrations for Solvency II, and these proposals to review the Prospectus Directive. This is an ambitious programme. It will require sustained effort over a number of years, but we need to make quick progress, so I hope that these first proposals can be fast-tracked by the co-legislators.

I look forward to developing this project with you, but most of all, I look forward to helping more European businesses, especially SMEs, get the funding they want, in order to increase choices for savers, to strengthen cross-border investment and also, I believe, to increase financial stability.

 
  
MPphoto
 

  Pablo Zalba Bidegain, en nombre del Grupo PPE. Señor Presidente, señor Comisario, Señorías, los últimos acontecimientos vividos en Grecia estos días son la prueba de que necesitamos más Europa, es decir, más integración económica, más unión fiscal y, en definitiva, más unión política —eso sí, con las mismas reglas— y más crecimiento económico. Y el mercado único de capitales es precisamente uno de los instrumentos para alcanzar y conciliar ambos objetivos. Porque el mercado único de capitales mejorará la asignación de los recursos financieros entre los distintos países de la Unión Europea. Y porque también, como ha dicho el Comisario Hill, mejorará la financiación de las pequeñas y medianas empresas, verdadero motor del crecimiento económico y la creación de empleo.

Este es el camino, Señorías. No engañemos a los ciudadanos europeos. La quita de una deuda soberana que tiene una carencia media de dieciséis años no impulsará el crecimiento. Con crecimiento, la deuda soberana será sostenible. Sin crecimiento, difícilmente lo será. Y para el crecimiento, para impulsar el crecimiento económico, sabemos lo que tenemos que hacer: reformas a nivel nacional —mi país, España, es un ejemplo— y más Europa, más integración económica, insisto. Y la Unión de los Mercados de Capitales es un primer y gran paso para avanzar en esa dirección.

(El orador acepta responder a una pregunta formulada con arreglo al procedimiento de la «tarjeta azul» (artículo 162, apartado 8, del Reglamento))

 
  
MPphoto
 

  David Coburn (EFDD), blue-card question. I wonder if the gentleman might agree with me that the reason that London’s capital markets are so successful is that they are not completely dominated by the European Union. Any interference from this House, making problems for our capital markets, is not desirable because it is not capitalist-inclined, it is socialist-inclined, and that does not sit well with worldwide financial markets. Would the gentleman agree with me?

 
  
MPphoto
 

  Pablo Zalba Bidegain (PPE), respuesta de «tarjeta azul». Señoría, no estoy de acuerdo. El mercado único de capitales es un importante instrumento para mejorar la competitividad de nuestra economía y para impulsar el crecimiento y la creación de empleo. Y la base de su éxito, sin duda alguna, será que abarque el conjunto de la Unión Europea; no solo la zona del euro, sino toda la Unión Europea.

 
  
MPphoto
 

  Pervenche Berès, au nom du groupe S&D. Monsieur le Président, Monsieur le Commissaire, c'est important que le Parlement européen puisse se prononcer avant que la Commission n'écrive sa feuille de route pour un marché des capitaux.

Avant que vous ne vous engagiez plus avant dans ce projet, je voudrais attirer votre attention sur quatre points.

Le premier, c'est de se souvenir de ce qui s'est passé dans le domaine bancaire. Vous ne pouvez pas faire monter en puissance un marché des capitaux sans faire monter en puissance, en parallèle, une supervision adaptée aux progrès que vous voulez engranger. Vous avez dit que vous vouliez ces marchés des capitaux pour une stabilité financière. Il vous faudra alors renforcer le caractère européen de la supervision et de la régulation de ces marchés des capitaux. De la même manière, vous serez obligé de regarder ce qui se passe dans le domaine du shadow banking, sinon vous créerez des bulles et des outils de spéculation qui ne serviront pas les nobles objectifs que vous affichez.

La deuxième dimension qui doit être prise en compte, c'est le désintérêt spécifique pour la zone euro. On ne peut pas faire comme si les marchés des capitaux étaient totalement ignorants des monnaies dans lesquelles ils intervenaient. Or, là, vous le savez, vous avez un vrai défi entre les mains.

S'agissant de la troisième dimension, vous nous dites que tout cela, c'est pour permettre aux PME de mieux accéder aux marchés des capitaux. Soit. Mais il faut aussi se servir d'une telle approche pour orienter les flux de capitaux là où nous considérons que nous en avons besoin pour financer le projet européen. Il y a de ce point de vue une priorité au regard des impératifs qui sont liés à une stratégie pour la transition écologique que vous devez porter et que vous devez avoir en tête lorsque vous allez avancer sur la voie de ces marchés des capitaux.

Enfin, une dernière observation, je n'ai vu quasiment nulle part, dans vos textes, la question de la fiscalité. Or, je pense qu'on ne peut pas parler d'une union des capitaux sans parler de fiscalité. J'attends vos propositions en ce sens.

 
  
MPphoto
 

  Philippe De Backer, on behalf of the ALDE Group. Mr President, Commissioner, the capital markets union is an important part of the EU single market project. Its primary goal should really be to increase not only the diversity that companies have in looking for different ways of funding, but also the diversity that investors have in allocating their assets, especially in the longer term.

Today we have entered a new era, and this is something that is also mentioned in your green paper: we have shifted from financial stability more into a position where we look at growth and job creation. It is also important to use the review clauses that you have at your disposal in the different legislative acts which have been adopted over the last couple of years to recalibrate and fine tune the system, to keep the stability that we have, while increasing the power, the diversity and the funding options for all in the markets.

Second point: the capital markets union should really serve to remove barriers to private placements and crowd-funding, as well as to allow for the scalability of companies. We talk a lot about SMEs, but we also need mid-caps, we also need IPOs – I was the president of the IPO Task Force. We also need to keep our companies listed in Europe: the competence stays here and the financing stays here. This is also really important.

Last point: we also have to make sure that we increase retail investors’ availability. We have seen them moving outside of the market – institutions as well – due to Solvency II and other regulations. We have to take a really good look at why, today, they are no longer investing in our markets. One of the issues there – and it is one of the things that is lacking in your plan – is the fact that you have not talked about, for example, the possibility of a pan-European private pension savings plan. This would facilitate the accumulation of the savings of many retail investors and the building of a true base for a capital markets union all across the European Union.

The last point I would like to make is that we have to take a good look at how regulators are functioning. The gold-plating and the differences are really hampering the single market, and they should be tackled. So we have a lot of work, but our group is in full support of your endeavours, and we hope in September to see concrete proposals that we can support.

 
  
MPphoto
 

  Fabio De Masi, im Namen der GUE/NGL-Fraktion. Herr Präsident! Die Kapitalmarktunion soll eine der Krankheiten Europas heilen: zu wenig Investitionen und Banken, die keine Kredite vergeben. Aber wenn man eine Krankheit heilen möchte, dann muss man erst mal die Ursachen der Krankheit verstehen, bevor man sich auf eine Medizin verständigt. Und die Ursache für die schwache Kreditvergabe im Bankensektor ist eben, dass wir Austerität in Europa hatten, dass Löhne gesunken sind, dass Renten gesunken sind, dass Staatsausgaben gesunken sind. In einem solchen Umfeld herrscht nun mal eben keine dynamische Kreditnachfrage. Die Ursache dafür, dass Banken keine Kredite vergeben, hatte ja genau damit zu tun, dass man etwa einen unseriösen Verbriefungsmarkt gefördert hat.

Wenn nun die Kommission eben sagt: „Wir wollen einfache, sichere, transparente Produkte fördern“, dann muss sie erst einmal beantworten, warum es keinen privaten Markt für diese Produkte gibt. Den gibt es offensichtlich nicht, weil den Marktteilnehmern die Risiken zu hoch sind.

Deswegen sagen wir, dass die Kapitalmarktunion nicht in die europäische Landschaft passt. Denn es gibt Gründe dafür, dass Europa stets ein bankenzentriertes Wirtschaftssystem hatte, weil Banken eher in der Lage sind, auch die Bedürfnisse von kleinen und mittelständischen Unternehmen zu befriedigen. Banken, die die Investitionsrisiken kennen, während es in den USA größere Wirtschaftseinheiten sind. Deswegen sollte man nicht Äpfel mit Orangen vergleichen.

Wir lehnen die Kapitalmarktunion ab. Sie ist das falsche Mittel gegen die Krankheit Europas.

 
  
MPphoto
 

  Sven Giegold, on behalf of the Verts/ALE Group. Mr President, first of all, I would like to say that our group supports the basic idea of a capital markets union. We know that there are problems and that those problems have not become any smaller with the financial crisis. Our financial market has become more fragmented. Therefore, I think that the Commissioner has picked up on the right idea.

At the same time, one has to be careful that we do not disappoint citizens by presenting expectations this project cannot meet. There is the danger that efforts like the capital markets union and developing open capital markets could be misunderstood to mean that it would largely replace the provision of credit to SMEs. For the reasons which have been mentioned, small businesses – also in the US – depend largely on banks and will continue to do so.

It makes sense to complement their funding possibilities, and the Commission proposal also makes sense. However, what we can achieve will be limited if we do not tackle the biggest problems in Europe. The biggest problems for the opening of capital markets are clearly issues such as taxation, insolvency law or accounting rules. This will not change, and the Commission is not proposing to change it. Therefore, please do not promise too much.

But I have one message for the Commission. I think it is important to reconcile this project with European values. This means that long-term funding and green bonds should not be governed by specialised instruments, but capital markets above a certain size should show that they have moved away from CO2 and are investing for the long term. Therefore, there should be ratings attached to it which truly follow, and give transparency to, European values. That should be part of the mission.

 
  
MPphoto
 

  Steven Woolfe, on behalf of the EFDD Group. Mr President, the Greek people overwhelmingly defied the bullying tactics and anti-democratic tactics of the EU, the ECB and the IMF yesterday. They rejected a disastrous bailout deal created by technocrats in a vacuum detached from the misery of the ordinary Greek people. The euro was the cause of that misery, and it too was created by technocrats in a vacuum detached from the real people and, in this case, the financial markets.

This idea of the capital markets union is also one of those technocratic dreams of centralised control; it is being created in a vacuum once again. As Mr Hill said, ‘it is a classic EU plan’. Europe is not a country; it is individual countries with decent people within it. The European technocrats do not, and never will, understand what the people need or what they want.

The euro failed Greece because it was a failed plan. The capital markets union will be one of those failures once again.

(The speaker agreed to take a blue-card question under Rule 162(8))

 
  
MPphoto
 

  Doru-Claudian Frunzulică (S&D), blue-card question. Mr Woolfe, as you come from the UK, I would ask: do you know that the financial system in London City is also basing its activity on the European Union capital markets? The European Union capital markets union could greatly assist the London financial system to develop in the future. By taking the position you have taken, it seems that you are against jobs in London.

 
  
MPphoto
 

  Steven Woolfe (EFDD), blue-card answer. Sir, that completely answers my case. You fail to understand that the London market is an international market. It is a capital market with investors from all over the globe coming into London investing in companies all over the globe because they understand the risks in those countries; they understand the risks in those businesses.

Unlike in Europe, those businesses are not controlled by the EU; they do not have to take the EU’s negative regulations, they do not have to take the costs of the EU unemployment and they do not have to take all the damaging issues that the EU puts on small, medium-sized and large businesses, which is driving business out of Europe. That is why the rest of the world is succeeding.

 
  
MPphoto
 

  Gerolf Annemans, namens de ENF-Fractie. Ik zou me bij collega Woolfe willen aansluiten en dit debat even in perspectief willen plaatsen, want een normaal mens houdt het werkelijk niet voor mogelijk.

De burgers van Europa vragen zich op dit ogenblik af: "Wat is dat met de euro? Is het allemaal niet wat te ver gegaan? Is dit het begin van het einde?" Dat is wat de burgers zich afvragen. "Wordt het een Grexit? En zo ja, volgt dan Italië, Portugal?" Al die debatten zijn op dit moment bij de burgers gaande.

En wat doet dit Parlement? In plaats van zich te bezinnen over de vraag of de integratie niet te ver is gegaan en of we met de Europese integratie uiteindelijk niet het concurrentievermogen en het levende Europa hebben versmacht, gaan wij hier door alsof er de dag van vandaag geen ander debat is dan dat. Wij gaan door met de integratie. We gaan Europa verder uitbreiden. "Méér Unie", dat is het antwoord van dit Europees Parlement op wat er gisteren in Griekenland is gebeurd. Meer Unie, in dit geval de kapitaalunie, is het antwoord dat wij hier denken te kunnen geven in de logica van de Europese Unie.

Ja inderdaad, een Europese Unie, die altijd maar uitgaat van de veronderstelling dat meer Unie altijd beter is, terwijl de bevolking, als ze daarover geconsulteerd wordt, overal steeds opnieuw zegt: "Neen, we hebben minder Unie nodig". Telkens als er een Europees Parlement wordt verkozen, groeit de groep van diegenen die zeggen dat er minder Europese Unie moet komen. En wat doet dit Parlement? Dat gaat gewoon door op het pad van "méér Unie". Het keurslijf van de Europese Unie is slecht voor het volk. Het volk weet dat, maar het Parlement trekt er zich niets van aan.

 
  
MPphoto
 

  Markus Ferber (PPE). Herr Präsident, Herr Kommissar, liebe Kolleginnen und Kollegen! Zunächst einmal möchte ich ausdrücklich die Initiative der Kommission für eine Kapitalmarktunion begrüßen. Ich halte das für ein wichtiges Projekt in dieser Wahlperiode. Aber, Herr Kommissar, da müssen wir schon ehrlich sein, da muss noch ein bisschen mehr nachgeliefert werden. Nur über das Thema Revision der Prospektrichtlinie und Stärkung des Verbriefungsmarktes werden wir keine Kapitalmarktunion in der Europäischen Union erreichen. Wir brauchen dringend eine Bestandsaufnahme, was wir alles mittlerweile an Finanzmarktregulierung gemacht haben – das haben Sie ja angekündigt –, und wir müssen dann schauen, wo noch etwas fehlt oder – um auch mal ehrlich zu sein – wo wir vielleicht zu viel gemacht haben, sodass Banken ihrer Aufgabe gar nicht mehr gerecht werden können, Kredite zu vergeben. Da will ich schon ein Stichwort ansprechen: Wenn ich zurzeit höre, dass im Baseler Ausschuss darüber nachgedacht wird, dass das, was wir als Parlament bewusst geschaffen haben – nämlich dass ein Korrekturfaktor für Mittelstandskredite eingeführt wurde –, rückgängig gemacht werden soll, dann ist es das falsche Signal, um kleinen und mittleren Unternehmen den Zugang zum Kapitalmarkt zu erleichtern.

Wir müssen drittens dafür sorgen, dass wir mehr Kohärenz schaffen. Wir haben zum Teil Gesetzgebung gemacht, wo wir gleiche Begriffe in verschiedenen Gesetzespaketen verwenden, die nicht mehr zusammenpassen. Ich denke hier nur an die Offenlegungspflichten in verschiedenen Richtlinien, die wir noch kohärent machen müssen. Und ein Anliegen, das mir sehr am Herzen liegt und das Ihnen, Herr Kommissar, sehr am Herzen liegt, ist natürlich auch die Frage, wie wir mit Drittstaaten umgehen. Sie waren im Frühjahr in den USA und haben sich mit dem Thema beschäftigt. Wir werden als Ausschuss für Wirtschaft und Währung in wenigen Tagen in den USA sein, um hier etwas voranzubringen. Wir hatten vor kurzem die Gelegenheit, mit dem Chefunterhändler im Zusammenhang mit dem Freihandelsabkommen über dieses Thema zu sprechen. Ich denke, dass ein vernünftiges Drittstaatenregime, das mehr auf Äquivalenz ausgerichtet ist, die richtige Antwort ist, um auch hier unsere Kapitalmärkte in Europa zu stärken.

 
  
MPphoto
 

  Neena Gill (S&D). Mr President, my congratulations go to the authors. We have a good paper that demonstrates, in a clear way, the priorities of Parliament on CMU – to increase growth and jobs across the EU – and, more critically, that underlines that growth has to be sustainable and should not prejudice financial stability. I support the emphasis on timing. Given that CMU should have been in place a decade ago, it is high time that we step up a gear on this. Commissioner, you said that in the autumn we are to receive two new regulations on securitisation and the Prospectus Directive. We eagerly await those.

However, there are many difficult political obstacles that we need to tackle, and many colleagues have referred to them: the lack of consistent implementation by Member States, the 29 different tax regimes for debt, and likewise for insolvency procedures. Does the Commission have any plans to tackle these in the near future?

Furthermore, if we are going to review the CMU over the next four years, is it not an omission not to address the technological innovations in the financial sector? This is evolving very fast, but the regulators and legislators are not keeping up with it. We also have to acknowledge that confidence in the financial services has taken a knock. Perhaps the events of yesterday evening, with the Greek referendum, are not likely to shake that.

So how do we restore this position? One way could be if the Commission came forward with an ambitious retail package, tackling the cross-border obstacles that citizens and businesses are faced with in financial services. Many procedures remain a nightmare for retail investors and businesses alike. Let us not forget our overall objective, which is to make the EU an attractive place to do business.

(The speaker refused to take a blue-card question under Rule 162(8))

 
  
MPphoto
 

  David Coburn (EFDD). Oh come on, be brave!

 
  
MPphoto
 

  Sander Loones (ECR). Europa zal inderdaad moeten leren omgaan met de nieuwe realiteit na het Griekse referendum, net zoals Griekenland zal moeten leren omgaan met zijn dramatische sociaal-economische situatie. De vraag is niet alleen hoe Griekenland kan hervormen, maar ook hoe Europa dat kan blijven doen, zodat we kunnen blijven vooruitgaan.

Eén van de belangrijkste structurele hervormingen is precies deze kapitaalmarktenunie. Hoe kunnen we grensoverschrijdende investeringen bevorderen? Hoe kunnen we ervoor zorgen dat onze ondernemingen geld kunnen ophalen zonder daarvoor noodzakelijk langs de bank te hoeven lopen?

Daarom, mijnheer de commissaris, wens ik u alle succes toe. Laten we deze oefening zeer grondig doen. Maar laten we ons tegelijk ook toespitsen en concentreren op een aantal quick wins. Hoe kunnen we barrières voor onze ondernemingen wegnemen? Op welke manier kunnen we vereenvoudigen zodat onze ondernemingen toegang krijgen tot dat kapitaal dat ze nodig hebben om te groeien en te investeren? Dank u wel.

 
  
MPphoto
 

  Paloma López Bermejo (GUE/NGL). Señor Presidente, la Comisión Europea considera que su propuesta de un mercado único de capitales es la solución para los problemas de financiación de la economía europea, pero esto no es así. Durante los primeros años del euro, los bancos, entre otros, impulsaron con su crédito las enormes burbujas financieras, cuyas consecuencias aún sufrimos.

Pese a los miles de millones de euros dedicados al rescate bancario, que nunca vamos a recuperar, el flujo de crédito a la economía real continúa detenido. Abrir este flujo a los principales fondos internacionales de inversión tan solo incrementará la especulación y la inestabilidad en la financiación. Los problemas de la economía europea son otros y se derivan del profundo estancamiento de la demanda debido a las políticas de austeridad, y no a la falta de capital. Pretender que las pymes se financien a través de complejos productos financieros, en lugar de crédito, parece un ejercicio de cinismo.

Los mercados financieros le han fallado a la Unión Europea y ahora le toca el turno a lo público. Si a nadie le tembló el pulso al rescatar a los bancos con dinero público, ahora tampoco debería temblarle a nadie para impulsar la economía desde el Estado. Lo que puede salvar la economía es inversión pública y banca pública para financiar a las pymes y crear empleo.

 
  
MPphoto
 

  Molly Scott Cato (Verts/ALE). Mr President, we welcome the capital markets union, the Commission’s flagship project to tackle the problem of under-investment in our productive businesses across the single market.

With investment now 70% below its pre-crisis levels, there is an urgent need to invest and particularly to invest in the sustainable sectors of our economy. We support the call for any redesign of capital markets to be orientated towards the needs of small businesses that have been starved of investment, rather than serving the interest of financiers. We will not accept any deregulation in the name of market integration, particularly if it weakens stability or the protection of people’s savings.

While strong regulation is essential, it must match the size and scope of the investment and should not be allowed to choke off local investment schemes. In south-west England, which I represent, we are beginning to see the growth of local investment, particularly in community renewables projects. Here the local connection ensures accountability more effectively than a heavily bureaucratic process which might instead undermine these vital green shoots.

 
  
MPphoto
 

  Marco Zanni (EFDD). Signor Presidente, onorevoli colleghi, non sono passati molti anni dall'avvio della crisi finanziaria in cui siamo ancora bloccati ma forse qualcuno ha dimenticato, o finge di dimenticare, le cause che ci hanno ridotto in queste condizioni.

Il motivo per cui l'economia mondiale si è ritrovata in ginocchio risiede, infatti, in un'eccessiva finanziarizzazione della stessa, con l'economia reale che ha subito gli effetti catastrofici di scelte finanziarie inopportune e azzardate.

La soluzione che vuole proporre l'Europa con l'Unione dei mercati dei capitali sembra una presa in giro perché si vorrebbe far ripartire l'economia puntando ancora sui grandi capitali e la finanza. I riferimenti alle PMI sono ridicoli, poiché sappiamo tutti che questo provvedimento non è affatto studiato per loro e i paragoni col sistema statunitense sono perlomeno inopportuni, perché il nostro tessuto produttivo ed imprenditoriale è assai diverso.

L'Europa sembra non voler imparare dai propri errori o forse l'obiettivo vero è proprio costruire un'Unione dei capitali e della finanza senza aver minimamente a cuore gli interessi dei cittadini e delle piccole e medie imprese europee.

 
  
MPphoto
 

  Barbara Kappel (ENF). Herr Präsident, Herr Kommissar Hill! Die Bedeutung flexibler Kapitalmärkte ist durch die Finanzkrise erst richtig zum Tragen gekommen – eine Finanzkrise, von der sich die USA wesentlich besser erholt hat und wesentlich schneller erholt hat als Europa – in den USA, wo Banken zur Finanzierung der Wirtschaft eine untergeordnete Rolle spielen und der Kapitalmarkt schneller, effizienter und unkomplizierter arbeitet.

Deshalb braucht auch Europa einen diversifizierten Kapitalmarkt, Kapitalmärkte, die einen besseren Zugang zu Kapital für Klein- und Mittelbetriebe haben. Yves Mersch hat es auf den Punkt gebracht mit einem Zitat, das ich sinngemäß wiedergeben möchte. Er hat gesagt: „Die europäische Wirtschaft ist wie ein Flugzeug, das nur mit einer Turbine versucht zu fliegen – mit der Bankenfinanzierung.“

Um die Geschwindigkeit und Stabilität dieses Flugzeugs zu stärken, braucht es ein zweites Triebwerk, nämlich die Kapitalmarktfinanzierung, und so ist es auch: In den USA haben mittelständische Unternehmen fünfmal mehr Funding aus Kapitalmärkten als europäische KMUs. Deshalb ist es nicht überraschend, dass immer mehr europäische Wachstumsunternehmen sich in den USA Geld beschaffen, in die USA gehen, um an den attraktiven Private-Placement-Märkten tätig zu werden. Dasselbe gilt für Startups, wenn sie groß genug sind. Wenn sie klein sind, brauchen sie Crowdfunding, aber auch mit professionellem Risikokapital – das gibt es in Europa nicht.

Einige Kennzahlen dazu, Bankenfinanzierung versus Kapitalmarktfinanzierung: Siebzig Prozent Bankenfinanzierung in Europa, dreißig Prozent in den USA. Das macht deutlich: Wir brauchen alternative Finanzierungsinstrumente.

Die europäische Wirtschaft braucht einen diversifizierten Kapitalmarkt, ein stabiles Finanzierungssystem und einen leichteren Zugang zu Kapital. Nur so können Wachstum und Beschäftigung geschaffen werden.

 
  
MPphoto
 

  Danuta Maria Hübner (PPE). Mr President, taking into account how limited the current role of capital markets in financing the real economy is, how fragmented they are and how shallow they are in many growth—hungry Member States, there is a chance that, in your effort to build a genuine European capital markets union, you can get it right. You can strike the right balance – right from the beginning – between regulation, self-regulation, good practices and market forces. I hope you will be able to mobilise all those vehicles.

We expect proposals that foster the harmonisation of standards, reduce complexity and perhaps identify new asset classes, should we want to invest, for example, in energy infrastructure. There has been a lot of talk about SMEs and securitisation. There are many methods by which the ability of SMEs, start-ups and mid-caps to access funding can be improved. You mentioned them.

I also understand that you will go beyond securitisation towards venture capital and towards focusing on providing information, and on making information more standardised. I would also encourage you to take a step towards establishing accounting standards for SMEs.

 
  
MPphoto
 

  Jonás Fernández (S&D). Señor Presidente, muchas gracias, señor Comisario. Yo creo que el documento que se ha discutido y aprobado en la Comisión de Asuntos Económicos y Monetarios sobre el futuro del mercado de capitales está bien orientado. Felicito al señor Gualtieri y al señor Balz por su acuerdo, por su redacción, pero hay tres cosas que me preocupan en relación con el Libro Verde que ha presentado la Comisión.

La primera de ellas es la ausencia —creo— de una reflexión adecuada sobre la relación de la zona del euro con el resto de la Unión. Olvidarse de que una parte sustancial de Europa está basada en la zona del euro, que el euro puede ser un elemento clave para organizar un verdadero mercado de capitales, yo creo que exigiría una reflexión adicional, una emisión de deuda pública que permitiera tener un activo libre de riesgo.

En cualquier caso, más allá de esto, el mercado de capitales quiere o debería regularizar el shadow banking, que al final es la financiación no bancaria. Y me gustaría preguntar al Comisario qué iniciativas legislativas espera mandarnos para conseguir una regulación eficiente de ese mercado no bancario, entre otras cosas de la fiscalidad, además de los procesos de insolvencia.

Hay una agenda muy importante de regulación financiera para intentar que esos mercados no bancarios tengan un ordenamiento claro y eficiente, y en los últimos meses hemos sabido que la Comisión no tiene ganas de sacar adelante muchas iniciativas legislativas, pero en este campo es fundamental, en fiscalidad, en cualquiera de los puntos para conseguir que ese mercado funcione.

(El orador acepta responder a una pregunta formulada con arreglo al procedimiento de la «tarjeta azul» (artículo 162, apartado 8, del Reglamento))

 
  
MPphoto
 

  Steven Woolfe (EFDD), blue-card question. I have a very simple question. You congratulated the rapporteur and shadow rapporteur on an excellent green paper, but is growth in Europe caused by the fact that we do not have a capital markets union, or is it caused by the fact that our companies are uncompetitive because they are over-regulated and highly taxed and have huge levels of uncompetitiveness between countries? It is one or the other. Which one are you choosing?

 
  
MPphoto
 

  Jonás Fernández (S&D), respuesta de «tarjeta azul». Señor Woolfe, obviamente yo no comparto su juicio de que Europa no crece porque hay demasiada regulación. Yo creo que Europa tiene que tener un ordenamiento regulador claro. Que, en este caso, para sacar adelante esa unidad de mercado de capitales necesitamos un entorno legal. Y, simplemente, le recomiendo o le incito a defender claramente a su constituency, a sus representados, porque yo creo que el Reino Unido tendría mucho que ganar si fuéramos capaces de organizar un mercado europeo conjunto.

 
  
MPphoto
 

  Stanisław Ożóg (ECR). Szanowny Panie Przewodniczący! Panie Komisarzu! Należy zwrócić uwagę, że ostatnie zmiany w środowisku regulacyjnym wpłynęły na zwiększenie ciężaru administracyjnego dla przedsiębiorstw, co może mieć wpływ na zmniejszenie korzyści z tradycyjnej działalności inwestycyjnej. Uważam, że zanim wprowadzone zostaną nowe regulacje, należałoby najpierw przeprowadzić ocenę ich skutków oraz analizę kosztów wprowadzenia. W moim mniemaniu podejście europejskie powinno być stosowane dopiero wówczas, gdy postawione cele nie są możliwe do zrealizowania przy wykorzystaniu środków krajowych.

Popieram budowę unii rynków kapitałowych, ale jeszcze raz podkreślam, że powinna być ona moim zdaniem oparta na lokalnych rynkach kapitałowych i powinna skupiać się raczej na ułatwianiu przepływu kapitału między już istniejącymi rynkami aniżeli ich centralizacji. Myślę, że warto również podkreślić potrzebę typowej edukacji finansowej, tak by zwiększyć zaufanie inwestorów, w szczególności detalicznych i prywatnych, do rynków kapitałowych.

 
  
MPphoto
 

  Marco Valli (EFDD). Signor Presidente, onorevoli colleghi, le piccole imprese, quelle che creano lavoro, sono legate al sistema del credito tradizionale e questo sistema è stato disintegrato dalle banche universali da un'estrema finanziarizzazione associata al progetto folle dell'euro che, con le politiche del austerità, ha creato squilibri e distruzioni del mercato interno dei paesi europei, disoccupazione, fame e miseria. Finché continueremo a puntare sulla finanza e sull'avidità rispetto a un sistema bancario tradizionale creeremo sempre più disuguaglianza.

Ed è proprio qua il punto: la disuguaglianza. Nel momento in cui puntiamo su chi detiene capitali e chi, appunto, ha tutto l'interesse speculare rispetto a investire nel futuro, non riusciremo mai a tirarci fuori dai due principali problemi che affliggono l'Europa in questo momento, che sono la povertà e la disoccupazione.

Bisogna puntare su un progetto di banca del credito, su un progetto di banca funzionale e non puntare più sulla finanza, altrimenti avremo sempre una crisi e saranno sempre i contribuenti a dover pagare.

 
  
MPphoto
 

  Gunnar Hökmark (PPE). Mr President, I think this document by Mr Balz and Mr Gualtieri is a very good one. It is extremely important that we get deeper capital markets in Europe, but I always get a little sceptical when people say that we are to launch a capital markets union. I would like to disclose to this plenary that we already have a capital markets union: it is called the European Union, and its aim is for an internal market and the free flow of goods, capital services and people. I say this because this discussion is very much about the shortcomings of the past, where we have not been able to get rid of the hindrances, barriers and fragmentation. We do have well-functioning capital markets in the Union, here and there, which are rather deep and which are providing the capital. The problem is not the amount of liquidity but the amount of profitable investments.

There are some things we need to do in order to improve the capital markets of the European Union. First of all, we should skip the idea of the financial transaction tax. Secondly, we need to have a review of all the legislation we have dealt with so far: some good, some maybe not so good, and some which hinders. We need to ensure that we are not regulating in a way that creates hindrances and that we are opening up for the free flow of capital – that is the way to get more investments.

 
  
MPphoto
 

  Olle Ludvigsson (S&D). Herr talman! Jag ser postitivt på byggandet av en kapitalmarknadsunion.

Det vore värdefullt att minska företagens bankberoende. I de länder där bankerna kraschat har särskilt småföretagen dragits med i fallet. Det har i sin tur lamslagit delar av den reala ekonomin. Så känsligt bör inte systemet vara.

Det vore också värdefullt om det gick att riva ner en rad gränsöverskridande barriärer. Denna del av den inre marknaden är gravt underutnyttjad. Det finns en stor europeisk potential som bara väntar på att tillvaratas.

Samtidigt är det viktigt att även se riskerna. Det får inte bli så att kapitalmarknadsunionen utvecklas till en ren avregleringsagenda – t.ex. när det gäller värdepapperisering. En försvagning av centrala regelverk skulle kunna äventyra den finansiella stabiliteten. Där får vi absolut inte hamna.

 
  
MPphoto
 

  Antonio Tajani (PPE). Signor Presidente, onorevoli colleghi, signor Commissario, accesso al credito e carenza di investimenti sono due dei problemi che le imprese devono affrontare se si vuole veramente sostenere l'economia reale e risolvere questi problemi.

In Europa c'è un'evidente carenza di investimenti e per fare investimenti, naturalmente, servono capitali. Non bastano quelli delle banche: è necessario, quindi, sbloccare quegli strumenti non utilizzati attraverso forme di finanziamento alternativo e quindi ricorrere anche maggiormente ai capitali di rischio, ma penso anche a un sempre maggior uso dei fondi pensioni.

Se però non si collega la domanda all'offerta, ovvero gli investitori alle piccole medie imprese, queste misure non saranno sufficienti. C'è carenza di informazione per le piccole e medie imprese ma neppure gli investitori sanno che potenzialità esistono all'interno di 24 milioni di piccole e medie imprese europee. Quindi bisogna migliorare il flusso e la qualità dei dati sulle piccole e medie imprese per soddisfare la sete d'informazione che c'è.

Allora perché non creare uno strumento, che può essere una piattaforma telematica, può essere un'agenzia snella, per raccogliere, analizzare e diffondere i dati sulle piccole e medie imprese e quindi uno scambio di informazioni tra imprese e capitali? Uno strumento che farebbe da ponte quindi tra imprenditori, imprese, investitori, valutando la necessità di credito e il potenziale di crescita delle piccole e medie imprese europee.

Potrebbe essere un'iniziativa destinata a raggruppare le piccole e medie imprese in cluster tradizionali, sostenendo così non soltanto l'economia reale ma anche lo sviluppo del mercato interno.

 
  
MPphoto
 

  Doru-Claudian Frunzulică (S&D). Mr President, Commissioner, I strongly support this report representing the European Parliament’s input into the Green Book of the European Commission. The capital markets union can play a full part in financing economic recovery in the European Union through deepening and broadening European Union capital markets together with bank finance. I welcome the incorporation into this report of our main priorities, which lie at the heart of all social democratic values: namely, capital markets to finance long-time investment, the real economy and, especially, small and medium-sized enterprises. I agree that it is important to develop European capital markets to diversify funding and improve access to financing, thereby restoring the stability of the banking sector.

We succeeded in improving the text by defeating many amendments which aimed at turning the capital markets union into a deregulatory agenda for the financial markets. The text now clearly refers to the need for legislative action. In this sense, I am strongly in favour of a review of legislation in order to ensure the highest investor protection standards. I also agree with the need to address the taxation of capital markets, because it might represent an obstacle, despite the opportunities offered by a well-designed European Union capitals market.

I would like, finally – last but not least – to thank the rapporteur and shadow rapporteurs for this approach.

(The speaker refused to take a blue-card question under Rule 162(8))

 
  
MPphoto
 

  Siegfried Mureşan (PPE). Mr President, many are asking us why the economy of the United States has recovered easier, faster and in a more convincing way from the previous economic and financial crisis than our European economy. The answer to this rests partly with a quick restructuring of its banking sector and with a reform of its financial system, which of course has consequences on the financing of the economy, on growth and, subsequently, on jobs.

The capital markets union, Commissioner, represents one of the lessons that Europe has learned from the crisis, and by implementing it now it will ensure better financing for our economy and our SMEs. I would, therefore, like to particularly stress the importance of one element of the question put to you: SME-friendly economic and regulatory conditions. I think the Commission should indeed focus on ensuring the successful and diversified access of SMEs to financing in the capital markets union. Every detail from your side regarding this initiative will be very much welcomed.

However, national particularities of the business sector and business models of the financial sectors in different European countries must also be considered when providing equal opportunities for financing. The banking sector should remain an important source of financing and funding for SMEs in Europe. Therefore, a genuine European approach should take into consideration the interconnected character of the banking and financial sectors in Europe and should be a support to the internal market in Europe, also with the aim of avoiding financial fragmentation, especially in times of crisis.

 
  
  

PRZEWODNICTWO: RYSZARD CZARNECKI
Wiceprzewodniczący

 
  
MPphoto
 

  Paul Tang (S&D). Mr President, when Mr Juncker first coined the term ‘capital markets union’, I had some doubts. Was this a solution to the remaining obstacles to investments in SMEs in Europe, or was it a way of reintroducing the old problems under a new flag? I think the answer very much depends on the way we approach the capital markets union. Two key principles have to be at the heart of the capital markets union: it has to be safe, and it has to serve the real economy.

Enhancing the safety and the stability of the financial sector still requires a number of measures. On securitisation, the resolution strikes a balance – the right balance. The Commission must show how shifting risks and freeing up capital leads to lending to SMEs. At the same time, high-quality securitisation requires an appropriate allocation of property rights and risks and requires powerful monitoring. There are problems with security-financing transactions which remain unaddressed: it is pro-cyclical in nature and it has the potential to increase systemic risk, and of course we still have to complete the banking union. We still do not have a Europe-wide deposit guarantee.

As regards serving the real economy, the potential of banking beyond banks is largely untapped in the EU, so there is a possibility for Europe to diversify in financial instruments, and I think that is a good thing. It opens doors for SMEs and, with more risk-bearing capital, more SMEs can grow and develop in Europe, contributing to the European economy as a whole.

But it cannot be restricted to regulation in the financial sector. If we want to have more risk-bearing capital, we also have to look at the tax regime and at debt-equity buyers, and the Commission has thus far been quiet on this subject.

To conclude, the resolution rightly asserts that the capital markets union has to be fully compatible with past regulatory achievements. So yes, the capital markets union can offer an opportunity for a safer, service-oriented financial sector. This resolution offers a welcome starting point and strikes the right balance, a balance between the power of diversification and the necessity for proper regulation. This is the balance we have to protect throughout this project.

 
  
 

Pytania z sali

 
  
MPphoto
 

  Patricija Šulin (PPE). Unija kapitalskih trgov je zelo pomembna za ponovni finančni in razvojni zagon malih in srednjih podjetij. Nizka gospodarska rast na področju Evropske unije ne zagotavlja novih delovnih mest.

Zato je nujno potrebno zagotoviti mednarodno delovanje malih in srednjih podjetij, za kar pa je potreben boljši dostop do financ. Velik pomen pri tem igra pretok kapitala čez mejo, kar bo unija kapitalskih trgov malim in srednjim podjetjem zagotovo zagotavljala.

Potreben je tudi celovit pristop in usmerjanje finančnih sredstev skozi dolgoročne investicije. Pri vsemu temu pa je potrebno zagotoviti proporcionalnost pri ukrepih, učinkovitost zakonodaje in enotni nadzor, da se zagotovijo prave koristi za mala in srednja podjetja.

Do septembra, ko bo objavljen akcijski načrt in tudi pregled perspektive iniciative o uniji kapitalskih trgov, bo potrebno podrobneje preveriti in urediti tudi določbe do tretjih držav, kot tudi premisliti, kako bolje urediti področje insolventnosti in davčnih sistemov.

 
  
MPphoto
 

  Nicola Caputo (S&D). Signor Presidente, onorevoli colleghi, la pervicace austerità della crisi economica e finanziaria ha per anni compromesso la crescita europea, viziando i fondamentali dell'economia e peggiorando le condizioni sociali. Proprio in queste ultime ore in Grecia, e quindi in tutta Europa, s'invoca un rafforzamento del livello di protezione degli investitori e dei risparmiatori, inermi rispetto al sistema bancario, una libera circolazione dei capitali per tutti i 28 Stati membri, un mercato che sia a reale vantaggio di economia, crescita ed occupazione.

Ciò è possibile solo eliminando gli ostacoli agli investimenti transfrontalieri per mezzo di adempimenti di necessità, quali ad esempio l'adozione di misure a medio e lungo termine sull'analisi del rischio e sul private equity, la semplificazione della raccolta di capitali per le imprese, comprese le PMI, in tutta l'Unione europea e la riduzione dell'eccessivo onere amministrativo che grava sulle imprese.

Condivido, di conseguenza, tutte le domande dell'interrogazione e mi affido, nell'analisi del tema, ai principi di trasparenza e coerenza a tutela dei risparmi i quali, mi auguro, restino asse portante di ogni riforma economica.

 
  
MPphoto
 

  Νότης Μαριάς ( ECR). Κύριε Πρόεδρε, η οικοδόμηση της ένωσης κεφαλαιαγορών έχει ως στόχο την ενίσχυση των επενδύσεων των επιχειρήσεων καθώς και την ενίσχυση των επενδύσεων σε υποδομές. Η ένωση κεφαλαιαγορών θα πρέπει να αποτελεί συμπληρωματική πηγή χρηματοδότησης των επιχειρήσεων και κυρίως των μικρομεσαίων επιχειρήσεων.

Οι τράπεζες μετά την οικονομική κρίση διασώθηκαν με χρήματα των φορολογουμένων κι, αφού διασώθηκαν, δεν επενδύουν πλέον τα κεφάλαιά τους στην πραγματική οικονομία αλλά στην οικονομία καζίνο. Πιστεύω ότι πρέπει να ενισχυθούν κυρίως οι επενδυτικές τράπεζες ειδικού σκοπού καθώς επίσης και οι τοπικές συνεταιριστικές τράπεζες, για να υπάρξει έτσι ενίσχυση των μικρομεσαίων επιχειρήσεων καθώς επίσης και των τοπικών οικονομιών, για να υπάρξει στήριξη της απασχόλησης στον Νότο και στην Ελλάδα, στην Ελλάδα όπου η Ευρωπαϊκή Κεντρική Τράπεζα έχει επιβάλει πιστωτική ασφυξία και άνοιξε το δρόμο για επιβολή κεφαλαιακών ελέγχων, προκειμένου να επιβληθούν τα σχέδια των δανειστών στην Ελλάδα όπου δεν λειτουργεί πλέον κεφαλαιαγορά ούτε βέβαια οι τράπεζες. Αλλά ο ελληνικός λαός μόλις χθες είπε ένα βροντερό «όχι» στα μνημόνια και τη λιτότητα.

 
  
MPphoto
 

  Ivan Jakovčić (ALDE). Gospodine predsjedniče, da bismo mogli izaći iz ove već preduge krize u kojoj se države članice Europske unije nalaze, pogotovo neke države članice EU-a, potrebna su snažna ulaganja u realni sektor.

Nikakve financijske manipulacije ili transakcije neće razriješiti problem naše ekonomije, osim ulaganja u realni sektor i naravno, prvenstveno omogućiti srednjem i malom poduzetništvu da ima pristup realnom kapitalu i da se na taj način i ulaganja u realni sektor zaista učine vidljivima. To je jedini način na koji bismo mogli reći da ćemo već sutra biti izvan ove situacije, da možemo otvoriti nova radna mjesta, pogotovo za mlade i taj okvir jedinstvenog tržišta kapitala podržavam kao jedan od onih okvira koji će nam omogućiti ulaganja u realni sektor, u mala i srednja poduzeća, i otvoriti nova radna mjesta.

 
  
MPphoto
 

  Miguel Viegas (GUE/NGL). Senhor Presidente, a união dos mercados de capitais é um bom exemplo que ilustra, por um lado, as contradições do atual processo de integração capitalista da União Europeia e, por outro lado, a falta de soluções para fazer face aos problemas que assolam as economias europeias.

A União Europeia enfrenta uma crise de enorme gravidade: um quarto dos europeus encontra-se em risco de pobreza e exclusão social, são 24 milhões de desempregados, a taxa de desemprego jovem duplicou entre 2007 e 2014. Em vez de compreender as causas da crise, identificar estas causas profundas, e a necessidade de encontrar soluções públicas para corrigir as monumentais falhas de mercado, aposta-se nas mesmas soluções que estão na base da atual crise.

Pretender integrar um mercado de capitais não irá resolver nenhum dos problemas das nossas economias. Acreditar ser possível criar um enquadramento legislativo com uma supervisão necessariamente complexa que permita garantir uma solução de mercado às questões da falta de financiamento das nossas PME é uma perigosa ilusão.

 
  
MPphoto
 

  Igor Šoltes (Verts/ALE). Unija kapitalskih trgov je lahko pomemben popravni izpit po krizi, ki smo jo doživljali v zadnjih letih, ki je nastala seveda tudi zaradi finančnih sistemov, tudi zaradi bank, posojil, ki so se nekritično delila, in pravzaprav tudi zaradi vprašljive etike na tem področju.

Zato seveda gre podpreti ta dokument, ki daje novo priložnost in tudi nove vsebine za financiranje malih in srednjih podjetij. Po eni strani govorimo o prostih in pa predvsem bolj prožnih trgih, o, seveda, potrebi tudi po davčni uniji, o vprašanjih naložb in pa seveda sami vsebini.

Sam bi pa opozoril še na nekaj. Po eni strani na problem insolventnosti, nereševanja insolventnosti na nivoju Evropske unije, se pravi pravil. In pa po drugi strani seveda tudi zaposlitvene politike. Torej, da lahko s tem načinom financiranja prispevamo k zmanjšanju tako imenovanih prekernih zaposlitev.

 
  
MPphoto
 

  David Coburn (EFDD). Mr President, I would just like to say that the most successful capital market in the European Union is the City of London, and if the European Union is going to inflict more regulation and annoyance on that institution, many of the world-wide companies who invest there will go abroad. They will set up in Singapore or Hong Kong or somewhere else. They will not remain within the European Union.

The euro, which was a political currency and not an economic currency, is on the frontiers of leading to a Grexit, with Greece leaving the European Union and the euro. The imposition of these financial rules on the City of London will very soon lead to a Brexit, and that, I believe, will be the end of the European Union. That may not upset my party very much, but you gentlemen are heading for disaster. Yet again you never learn. You have not learned from the euro and you will not learn from this.

 
  
MPphoto
 

  Seán Kelly (PPE). Mr President, maybe we will never learn, but we must keep trying. We are all in this together, and by solidarity and cooperation we can make progress. I think we saw that last week in relation to roaming charges; we have been reducing them gradually over a period of time. There was a blockage in the system, but through a united front and determination – particularly at parliamentary level – we are now getting roaming charges reduced, and eliminated in 2017.

We need to tell citizens that these are the things that Europe can do for them, because there is far too much negativity out there. Much progress has been made in the last five years in relation to a banking union and rules to deal with issues that have cropped up. Now, of course, we have the energy union and the capital markets union. Getting alternative ways to finance SMEs, etc., has to be a good thing. They need to know about it, and I think we are going in the right direction.

 
  
 

(Koniec pytań z sali)

 
  
MPphoto
 

  Jonathan Hill, Member of the Commission. Mr President, the resolution and the debate we have had this afternoon sum up very well the main points that we are trying to achieve. I just want to highlight four or five of the main themes that have come up this afternoon.

First of all, in terms of building from the bottom up, identifying barriers and obstacles and knocking them down, and building the capital markets union with people, rather than doing things to people: that is how I am approaching it. And that is why support for the capital markets union is very strong, as it happens, in the City of London – because they see the benefits that come to Britain from being part of a large single market. I think it is wrong to misrepresent the views of people in the City of London.

In terms of some of the other issues that were raised, I think we need to identify and overcome these barriers. We need to be proportionate in our regulation and in how we regulate. The regulation that has been passed is clearly linked with the flow of capital through the union.

Some specific points were raised about insolvency, taxation and private pensions. These issues are addressed in the green paper. We asked questions about insolvency and taxation, and we will follow those up in our response to it. We are considering a specific recommendation to do with the idea of having a voluntary ‘29th regime’ to encourage personal pensions. So a number of the points that have been raised are indeed being addressed.

It is also important to emphasise that the point of what we are trying to do is to complement the funding streams we already have and to add to the banking system. If you have a system – which we have in Europe – which is heavily dependent on one source of funding – the banking system – and you have a contraction in the banking system, then you get the consequences we have seen: of businesses in the economy not getting the funding they need. I feel strongly that, if we can diversify sources of funding and give small, medium-sized and large businesses alternative sources of funding, we can make a contribution to growth and to creating new jobs.

There is support for this way forward. I welcome the support I have had, and I welcome the arguments set out in the resolution. We have an opportunity to make some progress. I do not claim this is the Holy Grail, but I do claim that we have an opportunity now to do what we set out to do over 50 years ago, which is to achieve the free movement of capital. I hope that we can now make some further progress on the back of this proposal.

 
  
MPphoto
 

  Przewodniczący. – Otrzymałem jeden projekt rezolucji złożony zgodnie z art. 128 ust. 5 Regulaminu.

Zamykam debatę.

Głosowanie odbędzie się we czwartek 9 lipca 2015 r.

Oświadczenia pisemne (art. 162)

 
  
MPphoto
 
 

  Eva Paunova (PPE), in writing. The Capital Markets Union (CMU) is a classic project meant for all 28 Member States; an initiative aimed to overcome dividing lines and boost the growth of the real economy in Europe.

I welcome the Commission’s efforts to build a true single market for capital, which would make it easier to channel available savings into the productive economy, enhance the funding sources for SMEs and break down barriers for investment across borders.

Growth has to be funded without building debt and by avoiding a focus on one type of creditor. Currently, European companies rely on banks for three quarters of their overall debt financing, especially in states with less developed capital markets.

Capital markets activity in some Member States needs to increase more than twice to achieve the average for the EU. This process can be triggered by finalising the CMU, which will enable more intensive flows of capital and will reduce discriminatory factors at play in access to financing, like the origin of the borrowers and the lenders or the business location.

These developments will be especially beneficial for Member States with less deep and diverse capital markets, and I call on Member States to implement the recommended policies as swiftly as possible once the CMU strategy has been published.

 
Informacja prawna