Activities of Claude TURMES related to 2015/2106(INI)
Shadow opinions (1)
OPINION on Stocktaking and challenges of the EU Financial Services Regulation: Impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union
Amendments (8)
Amendment 1 #
Draft opinion
Paragraph -1 (new)
Paragraph -1 (new)
-1. Reminds that, since the 1990s, the growth of the financial sector globally and in the EU has outstripped that of the economy it is supposed to serve, maintains that such excess growth is clearly unrelated to the needs of the real economy and represents a potentially significant misallocation of capital, risk and skills which acts as a drag on sustainable growth of the real economy;
Amendment 2 #
Draft opinion
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Recalls that the costs of inadequate regulation of the financial sector, which amount to trillions of euros of lost growth and jobs as well as more than 1.5 trillion EUR in state aid, dwarf the costs to the financial industry of implementing reforms;
Amendment 8 #
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the opening of the consultation on the Capital Markets Union, and underlines the need to learn lessons from the crises in order to enhance market stability, and facilitate non-bank financing of the economyand investments in the real economy and delivering long-term sustainable growth; believes that this initiative, by widening access to funding and unlocking investment, can be an important tool to get Europe back on track for sustainable economic growth;
Amendment 11 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines that a proper stocktaking of financial reforms should identify gaps in the current legislative framework where risks are inadequately addressed as well as potential inconsistencies or disproportionality and insists that any proposed changes must not compromise on high standards of financial stability and consumer protection;
Amendment 30 #
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes 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 burdens and foster the application of the principles of effectiveness, proportionality, coherence and practicability in EU legislation, in the interests of efficient, liquid and cost- effective capital marketsnsuring investments in the real economy;
Amendment 35 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the Commission to explore ways to ensure coherence between taxation of wealth and investment and, in particular, to achieve an equal treatment of debt and equity in the tax systems of the Member States;
Amendment 46 #
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the launch of consultations on the review of the Prospectus Directive and the efforts being made to restablish a movre regulatory barriers to access to securitisation; underlines, in particular, the need to open up financial marketransparent securitisation market; calls on the Commission to conduct a thorough assessment of the benefits of securitisation for SMEs and the marketability of securitisation instruments to SMEs; supports broadening the funding options available for SMEs; calls for improved access to long-term financing and for the development of a pan-European private placement market promoting venture capital, as well as alternative instruments such as peer-to-peer lending and crowdfunding;
Amendment 61 #
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 barriers; believes that the bottom-up approach and sharing national best practices should be at the core of the Capital Markets Union initiativegear investments toward financing concrete economic activities ensuring long-term and sustainable economic growth;