Plenary focus - May

We need financial instruments that are transparent and accessible to all. A large majority of consumers want simple and secure financial products. We need to protect their interests and make this a public duty. However, the proposed report wants to remove this responsibility. It makes no effective demands for regulation of the financial system - which is our minimal demand – and instead makes regulation more difficult or even impossible. This is another lost opportunity, repeating the same mistakes of other reports while making things even worse.

The subsidy system of EU funds plays a vital role in fostering territorial, social and economic development. Increasing volumes of financial instruments, including “EFSI”, should not negatively affect the grant appropriations or lead to a crowding out effect on the EU’s budget allocated to the cohesion policy as this could lead to territorial disparities. You cannot be serious about a social pillar for the EU if you reduce the existing solidarity policy approach to investment in business development.