Activities of Neoklis SYLIKIOTIS related to 2015/2106(INI)
Plenary speeches (1)
Stocktaking and challenges of the EU Financial Services Regulation (A8-0360/2015 - Burkhard Balz) EL
Amendments (8)
Amendment 3 #
Draft opinion
Paragraph 1
Paragraph 1
1. WelcomNotes the opening of the consultation on the Capital Markets Union, and underlines the need to learn lessons from the crises in order to enhance marketfinancial stability and facilitate non-bank financing of the real economy; believes that this initiative, by widening access to funding and unlocking investment, can be an important tool to get Europe back on track for economic growth;
Amendment 10 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Highlights the opening of the consultation on the Capital Markets Union, and underlines the need on the one hand to consider the impact of the single market on the worsening economic and social asymmetries between Member States, and on the other hand to learn lessons from the 2007/2008 financial crisis, whose harmful effects on world economies, and in particular on people and workers, are still being felt; in this context, rejects the idea that (i) forms of financing associated with complex financial products should be promoted; (ii) financing the real economy, in particular industry, should be subject to the dictates of financial speculators (also known as investors), and (iii) there should be no separation of retail and investment banking;
Amendment 14 #
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the need to take into account the wider global context; calls for a set of measures to improve the investment climate, attracting capital flows into the EU and restoring the international competitiveness of the Unregulate international financial flows in order to reduce dependence on short-term and foreign currency loans; points out that industrial development is particularly vulnerable to hot capital flows and financial speculation; regrets, in this respect, that official public loans have often been made conditional on financial liberalisation;
Amendment 25 #
Draft opinion
Paragraph 3
Paragraph 3
3. WelcomesStresses that the envisaged diversification of funding channels, which should be complementary to the existing ones and promote instruments which have proved their usefulness; underlines the need to reduce administrative burd may increase significantly the risks of financial fragility and instability; underlines that the development of new financial instruments and foster the application of the principles of proportionality, coherence and practicability in EU legislation, in the interests of efficient, liquid and cost- effective capital marketsmust be effectively linked to the needs of the real economy and calls on the Commission to apply the precautionary principle in matters of financial regulation;
Amendment 39 #
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the launch of consultationsExpresses its concern on the review of the Prospectus Directive and the efforts being made to remove regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial markets to SMEs; supports broadening the funding options available for SMEs; callss it may lead to lower regulatory standards for securitisation; stresses that efforts be made to ensure that SMEs can access finance without increasing their exposure to financial markets; calls, in this respect, for improved access to long-term financing and forthrough the development of a pan- European private placement market promoting venture capital, as well as altpublic, coopernative instruments such as peer-to- peer lending and crowdfundand industrial banking;
Amendment 58 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the Commission to take into account the specificities of individual markets and propose changes only in those areas that require intervention in order to eliminate the existing barriersnhance financial stability; believes that the bottom-up approach and sharing national best practices should be at the core of the Capital Markets Union initiative;
Amendment 68 #
Draft opinion
Paragraph 6
Paragraph 6
6. Underlines the importance of comprehensive and cross-sectional impact assessments, andwith adequate emphasis on the risks for industry of external funding in case of enhanced financial fragility, volatility or concentration as result of the Capital Markets Union; calls on the Commission to undertake detailed consultations on matters of concern to allsocial partners and other stakeholders, and to ensure the coherence of the delegating and implementing acts.
Amendment 71 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Rejects the establishment of the Capital Markets Union, on the grounds that the further development of the EU single market has accentuated the dismantling of sovereign instruments of economic regulation; takes the view, further, that this process does not represent convergence, cooperation or solidarity, and that instead it represents economic dominance, divergences and asymmetries in development;