martes, 16 de diciembre de 2014

viernes, 5 de diciembre de 2014

Germany's Unions and SPD Stand Behind TTIP

Who's Who & Who's New?Now that incoming European Commission President Jean-Claude Juncker has announced the proposed composition of the next Commission, TTIP Action will introduce several of the new commissioners, their portfolios, and their role in the European Union over the course of the next several weeks. Today's edition introduces Jyrki Katainen, the designated Vice President and Commissioner for Jobs, Growth, Investment, and Competitiveness.
“Public spending should prioritize research, innovation, and other future-oriented investments… Growth needs both better demand and supply. More accommodative fiscal policies won't help without reforms for better competitiveness,” Katainen tweeted in response to his nomination. Make sure you follow him on Twitter at @jyrkikatainen, and be sure to follow @TTIPAction as well if you're not already.
Formerly prime minister of Finland, and European commissioner for Economic and Monetary Affairs, Jyrki Katainen will be the new EU Commissioner for Jobs, Growth, Investment and Competitiveness after November 2, 2014 if confirmed by the European Parliament. Katainen’s focus will obviously be to find policy solutions to stimulate growth and investment across Europe to help address the persistently-high unemployment rate. His role will include supervising Pierre Moscovici, who has been nominated as the new commissioner for Economic Affairs in charge of keeping watch on member states’ budgets. According to theFinancial Times, Katainen ‘won the ire of many of the Eurozone’s southern countries for his hardline approach to the crisis.’ He has been a strong advocate and ally of Germany’s emphasis on austerity and structural reform. The Italiannewspaper Europa even calls him “the most faithful ally to Merkel,” stressing the importance of his veto power over Moscovici for Germany. It seems unlikely that he will support the request by some Southern countries for more leeway in European budget rules. Katainen recently stressed the importance of growth through structural reform combined with continued fiscal consolidation across the Eurozone in an op-ed in the Wall Street Journal.
In line with his affiliation with the European People’s Party, Katainen made a strong case for the conclusion of TTIP in an interview with CNBC in early September. The Finnish newspaper HS sees his appointment playing a major role in the European Parliament, emphasizing his veto powers over Commissioner Moscovici. It will remain interesting to see how the combination of the two will work out considering their sometimes opposing views on how to revive the Eurozone.
Find the official mission letter from President Juncker to the Vice President for Jobs, Growth, Investment and Competitiveness here.

Speeches and Official Announcements

A Transatlantic Digital Single Market?Neelie Kroes, the vice-president of the European Commission responsible for the digital agenda spoke on September 19 at the Lisbon Council in Washington, DC discussing the need to establish an open and integrated transatlantic digital single market. She highlighted the importance of opening up markets and removing trade barriers through TTIP, and the need for TTIP to include a strong digital component. Kroes states that a digital single market could be worth up to 4 percent of GDP in the EU, which equates to an average of an additional 1500 dollars per person per year.
Read her speech in its entirety here.
Remarks of US Treasury Secretary Jacob J. Lew at G20 Press Conference
Secretary Lew delivered remarks on September 21 on the success of the broad international consensus achieved at the G20 meeting regarding a global standard for banking capitalization and policies to stimulate growth. Despite slow growth in the Eurozone and Japan, Lew highlights the successes of the US economy since the financial crisis, including its financial reform agenda, investments and infrastructure, and progress made towards reforming the US business tax system.
Read his full speech here.
Doing Everything for Open Markets
In her speech on the occasion of the German Day of Industry, Angela Merkel speaks in favor of the conclusion of TTIP, calling the advantages of TTIP “invaluable” for the economic recovery and future of the European competitiveness. She added that “the alleged disadvantages of TTIP are clearly outweighed by advantages." She reassured the audience that German standards won’t be lowered by the agreement and, “red lines will not be crossed.” – Original article in German (Chancellor's Office)
The German newspaper FAZ offers an excellent short analysis of her speechhere. – Original article in German
Communiqué from the G20 Finance Ministers and Central Bank Governors Meeting
On September 21, 2014, Australian Treasurer Joe Hockey MP, released the G20's communiqué outlining the new strategies to achieve nearly 2 percent additional growth in the global economy. Important initiatives include switching to a private sector-led growth strategy focusing on infrastructure development, and further developing international tax rules.
Read the full press release here, and you can see the entire communiqué here.
The Future of Transatlantic Trade and the US-German Relationship
Last week, the German Marshall Fund hosted German MdB Peer Steinbrück to discuss the US-German relationship and the future of transatlantic trade. Despite differences between the United States and Germany regarding the US pivot to Asia, the war in Iraq, and ongoing data privacy concerns, Steinbrück emphasized that that transatlantic cooperation is even more important moving forward, especially in light of continuing geopolitical tensions globally, and he emphasized his commitment to finalize an ambitious TTIP agreement.
Watch the full interview here.


German Minister: EU-US Trade Talks not Perfect but EU's Best Chance
The Social Democrats in Germany voted in favor of a motion in support of TTIP last Saturday. Germany’s economy minister Sigmar Gabriel acknowledges that Europe has a window of opportunity with TTIP, and that if unsuccessful, the United States will likely look to Asia. Europe does not want to be left on the sidelines of global economic leadership. (Reuters)
You can find the full German Social Democrats’ position paper on TTIP negotiations here - Document in German
Scotland’s No vote keeps UK Economy on Track
Sarah O’Connor and Chris Giles of the Financial Times report that Scotland’s recent vote to stay a part of the UK strengthens certainty about the British economy and should yield 3 percent growth in 2014, but long-term economic uncertainty persists. (Financial Times)
ECB Urges Berlin to cut Taxes and Spend to Revive Eurozone Growth
Claire Jones and Stefan Wagstyl of the Financial Times outline Germany’s angry reaction to an op-ed by a member of the ECB’s executive board, which urged Berlin to increase borrowing to support investment and pay for tax cuts. The German government reacted negatively, stating that they do invest significantly and that the article does not fairly reflect current German policy. (Financial Times)
G20 Warns of Potential Market Risks Amid Uneven Growth
Jason Scott, Theophilos Argitis and Raymond Colitt of Bloomberg report on last weekend's G20 finance ministers and central bankers' statement that low interest rates may lead to a potential increase in financial market risk, as major economies rely on monetary stimulus to bolster uneven growth. The remarks reflect a patchy global economic recovery since a February G20 meeting in Sydney. While the US and UK economies have improved and stock markets gained, Europe risks slipping into deflation and concerns are mounting that China’s 7.5 percent economic growth target for 2014 seems increasingly unlikely to be met. (Bloomberg)
Eurozone Recovery Stutters in September
Claire Jones of the Financial Times reports that economic momentum in the Eurozone recently slowed to its lowest level in 2014, preventing any improvements in the region's persistently high unemployment rate. General ongoing economic and geopolitical concerns (including Russian sanctions) are increasingly being felt across Europe. (Financial Times)
Merkel Wins German Labor Backing on EU-US Trade Talks
In a change of heart, Germany's DGB labor union now supports continued TTIP negotiations including consideration for labor and consumer interests. This allows for broader public support so long as the agreement does not challenge Germany’s current system of labor relations. (Bloomberg)
US Senate Approves Nathan Sheets as Treasury Undersecretary for International Affairs
Last week the US Senate finally approved Nathan Sheets as undersecretary of the Treasury for International Affairs. Sheets will play an essential role in US financial diplomacy, pressing for China’s currency to be determined by market forces and resolving Europe’s debt crisis. Sheets prior public service include serving as a counselor to US Treasury Secretary Jack Lew, an economist at the Federal Reserve, and as a former advisor to previous Fed Chairman Ben Bernanke. (Reuters)

Recent Analysis

The TTIPing Point for Global TradeKurt Kuehn, chief financial officer for UPS talks about the substantial benefits of a conclusion of TTIP for small and medium enterprises, ranging from the removal of tariffs and intellectual property rights to gains through value chains. The author emphasizes the importance of a transatlantic agreement for both job creation and economic growth on both sides of the Atlantic, the setting of global standards, and an enhancement of transatlantic geopolitical relations. (Longitudes)
A Three-Pillar-Strategy for the Euro
In a jointly-authored piece for the Berliner Zeitung, ECB Executive Board Member Benoit Coeuré and Germany's Deputy Labor Minister Jörg Asmussen make the case for a concerted action of national and European policy makers to remedy the malaise of the European economy. They suggest a three pillar strategy targeted at the weaknesses in both supply and demand through a combination of monetary, fiscal and structural policies, emphasizing the role of Germany, France and the European Investment Bank. (European Central Bank)
Nothing wrong with Chlorine-washed Chicken, say German Backers of TTIP
In this article, Euractiv presents the results of a study by the Cologne Institute for Economic Research, showing that concerns over decreasing consumer protection and food standards due to TTIP are unfounded-instead suggesting clear and comprehensive labeling of products as a practical solution. The institute insists that a transatlantic agreement will offer a considerable economic and geopolitical chance for both sides of the Atlantic. (Euractiv)
Find the full report, which aims to demystify common misperceptions of the effects of TTIP, issued by the Cologne Institute for Economic Research here.
Transatlantic Trade and Investment Partnership: An Opportunity for SMEs
In this article, Spanish MEP Pablo Zalba emphasizes the importance of TTIP for the establishment of global guidelines for both future foreign and economic policy. Zalba addresses the recent criticism voiced towards TTIP, pointing out the economic and political opportunities instead, with a special emphasis on the benefits for SMEs who would enjoy easier access to sources of investment and financing of both sides of the Atlantic. He concludes that the cost of a failure to conclude TTIP would be too high, both economically and politically. (Huffington Post) -- Original article in Spanish
One Weird Fact about the Trade Deficit No One Has Noticed
With this article, the US Chamber of Commerce wants to raise awareness of the fact that trade agreements are part of the solution to the US trade deficit-not part of the problem. Since 2012, the United States has maintained a trade surplus with all of its 20 Free Trade Agreement partner countries. In that light, the article aims to clarify how important these developments are for national prosperity, concluding that free trade agreements are essential to the future and continued welfare of the US economy. (US Chamber of Commerce)
Understanding Industry- Free Trade Agreement TTIP and CETA as a Chance
Austrian Christoph Neumayer, General Secretary of the Industrialist’s Association, stresses the importance of trade between Austria and the United States, who are Austria’s third biggest trading partner and the economic benefits of TTIP for Austria. In that light, he calls upon the public to refrain from drawing unfounded negative scenarios of the implications of TTIP on national nor European standards, but to see TTIP as real historic chance for the future of both Austria and the whole of Europe alike. (APA Austria) -- Original article in German
Five Nominees with Questions to Resolve at Commission Hearings
This European Voice article details the various concerns regarding several EU Commission nominees who may face contentious hearings. While the European Parliament votes for the entire commission, the Parliament has on occasion strong-armed nominees into withdrawing their candidacy. Thus, the performance of nominees from outside the two major political parties will likely be more heavily scrutinized, especially those with a controversial past or portfolio. Sensitive nominees include: Alenka Bratušek, Jonathan Hill, Miguel Arias Cañete, Tibor Navracsics, and Karmenu Vella. (European Voice)
TTIP: Economic Benefits and Potential Risks
This report from the Heritage Foundation expresses worry that a trade agreement which promotes the international harmonization of rules would increase regulation, thus reducing economic freedom. Thus, the report pushes for a TTIP agreement which promotes real trade liberalization. Additionally, since the negotiating process is lengthy, the report suggests additional ways for the United States can pursue free trade efforts globally. (Heritage Foundation)
The Heritage Foundation’s second article highlights the potential geopolitical risks and benefits of TTIP. While the report acknowledges the gravity of mutual geopolitical concerns, it emphasizes US autonomy, citing the United States authority to lift restrictions on energy exports regardless of TTIP.

miércoles, 26 de noviembre de 2014

Analysts support increased transparency to fight tax havens

Responsible corporations paying their taxes and revealing their ownership structure could be a possible solution in the fight of Europe against tax evasion and tax havens which cost billions of euro annually. EurActiv Czech Republic reports.

“We should step up our efforts to combat tax evasion and tax fraud”, Jean-Claude Juncker told the European Parliament last July. The next moment MEPs confirmed him as European Commission President. Some of them would probably like to change their decision today, as after the “Luxleaks’ scandal, the situation looks different.

The scandal erupted on 5 November, when the International Consortium of Investigative Journalists (ICJ) published articles based on a review of nearly 28,000 pages of confidential documents revealing that more than 300 international companies appear to have channelled hundreds of billions of dollars through the Luxembourg banks. They saved billions of euros in taxes.

As Juncker promised to respond to the problem, a wider discussion about tax is looming. “The solutions to the scandal of tax dodging have been apparent for some time. We need binding regulation that closes loopholes and create transparency,” Christian Hallum, senior policy analyst at the European Network of Debt and Development (Eurodad), told EurActiv Czech Republic.

“We all have a right to know how much tax companies pay to EU governments,” said Carl Dolan, head of Transparency International´s EU office in Brussels. “EU Ministers must now take action to end the secrecy of corporate tax deals in Europe. The Luxleaks deals could not have been kept secret if all companies were required to report details of their tax payments in every country where they operate,” he said.

Aimed at corporations 

The call for effective solution of tax evasion in the EU is not new in itself. The Commission has presented some initiatives in the past for a common consolidated corporate tax base (CCCTB), nevertheless the proposal is still pending as member states are dragging their feet. Other initiatives on tax are also in the deep freeze.

“Since nearly eight years I am the rapporteur for the tax agreement of the EU with Liechtenstein concerning mutual cooperation concerning tax fraud. Luxembourg and Austria were against. Nothing moved since as it requires unanimity,” German MEP and Chair of Committee on Budgetary Control Ingeborg Grässle told EurActiv Czech Republic.

One possible solution with the ambition to motivate corporations to be responsible in paying taxes is offered by a group of Czech lawyers led by Ondřej Vondráček and Czech MEP Tomáš Zdechovský (EPP). They call it a “taxparent” solution (“Taxparency”). “It is aimed at the corporations which are lowering their tax obligations to the very minimum by shifting profits outside the EU to non-transparent tax havens. Therefore the EU budget is deprived of up to €300 billion annually,” Zdechovský explains.

Under the proposed solution, a conglomerate present in at least two EU member states could decide to pay at least 11.25% of its global profit in corporate tax and make its corporate ownership structure public on its website. In such a case, it would get the “taxparent mark” to boost its public image.

Corporations paying under 11.25 % would have to face increased information obligations and would get under scrutiny of tax authorities.

“Taxparent solution does not lead either directly or indirectly, actually or potentially to the harmonisation of corporate tax rates in the EU,” Vondráček stressed.

Zdechovský believes the taxparent solution can get support from across the political spectrum, because it is simple and politically neutral. “We already presented it to the President of the European Commission, Mr. Juncker. According to my information he liked it,” Zdechovský says.

Chance to fight harder

“It looks like a very interesting initiative,” Max Heywood, Regional Co-Ordinator for the Americas at Transparency International, told EurActiv Czech Republic. However, he warns that voluntary standards and agreements are not usually sufficient by themselves to generate meaningful improvements in transparency. “It is effective legislation that creates real pressure for change,” he said. “Where leading companies do decide to voluntarily increase their levels of transparency this can also have a very positive peer pressure effect.”

Christian Hallum from Eurodad welcomes all the voices trying to come up with innovative solutions. He is worried that the Taxparent solution might lead to a race to the bottom on corporate taxes. “We also stress the need for transnational corporations to pay the tax that they are supposed to, and to prevent a situation where they can decide on their own tax rates,” he wrote

According to Czech MEP Luděk Niedermayer (EPP) who is a member of Committee on Economic and Monetary Affairs (ECON), the proposed solution based on fair tax paying could be involved in Corporate Social Responsibility. “The question to what extent the corporate management can maximise the profit of shareholders and try to be ´socially responsible´ is not the easy one. It is up to G20 and the EU to change the rules,” he said.

According to another member of the ECON, German MEP Michael Theurer (ALDE), the Taxparency solution belongs among possible approaches which should be considered. “It is very clear that the EU and EU member states need a joint systematic approach,” he thinks. ALDE has already put forward the proposal of creating a Special Committee on Tax Avoidance, Tax Evasion and Tax Fraud in the European Parliament to deal with it, he stressed.

“We cannot allow tax havens in the EU, and certainly what happened is a chance to fight harder if possible against such practices,” Spanish MEP Pablo Zalba Bidegain, another member of ECON, told the web page. “In my opinion, we should now look at the future and the possibility to create an expert group to look for different solutions in favour of the European economy as a whole.”

“I am not in favour of flat rate taxes. This is a way for new member states to help them being attractive (and calculable) for companies. Nothing against… But in Germany a company has to pay more than 11.25 %. Our Treasury system makes sure that they pay – and pay more. The first thing needed is as well working tax authority,” German MEP Ingeborg Grässle said.

domingo, 23 de noviembre de 2014

Scope and level of card caps remain in dispute

EU lawmakers disagree over the level and scope at which card payments in Europe should be capped as the issue goes into trilogue in advance of its adoption anticipated early next year.

On 24 July 2013, the European Commission proposed a revised Payments Services Directive (PSD2) and submitted a proposal for regulation on interchange fees for card-based payment transactions.

The payments, known as multilateral interchange fees or MIFs, are charges during transactions between the merchant and buyer’s banks. Member states can lower the charge ceiling if they wish.

In April, the European Parliament voted on amendments to the legislation, which caps interchange fees at 0.2% of transaction value for debit cards and 0.3% for credit cards.

Third and four party schemes both included

Over the summer (7 July) a broad alliance of consumer and business organisations called on the Italian Presidency of the EU and the new European Parliament to make legislation capping payment card fees its “absolute priority.”

The European Payment Users Alliance backed MEP's changes to include business cards and third-party card schemes in the scope of the legislation. Members of the alliance include FuelsEurope, UEAPME (European Association of Craft, Small and Medium-sized Enterprises), EuroCommerce, the European Modern Restaurant Association, the European Retail Round Table and BEUC, the European Consumers Organisation.

A three party card scheme, such as American Express, means the issuer of the card to the consumer and the acquirer, who has the relationship with the merchant, is the same body.

A four party scheme such as Visa or MasterCard, has a separate issuer and acquirer. The acquirer pays an issuer an interchange fee, and the merchant pays the acquirer a service fee.

The EU Council of Ministers, representing the EU member states, adopted a general approach on the interchange regulation earlier this month. So-called trilogue meetings commenced yesterday (19 November) with the European Commission and Parliament to try and broker an agreement.

The Council drafted two key compromises from the Parliament’s version.
First, it gave member states the discretion to exclude three party schemes in certain circumstances - for example when they license others to issue their cards - rather than making their inclusion compulsory.

Secondly, the domestic interchange fee on debit cards would still be capped at 0.2%, but under the Council compromise, could represent a weighted average, the annual transaction value of all domestic debit card transactions, rather than a cap on each individual transaction.

Institutions will meet again in December

Pablo Zalba Bidegain, a Spanish centre-right MEP from the European People’s party (EPP), is the Parliament’s rapporteur on the proposal.

“Having started the trilogues, I outline two main points in which the Parliament’s and the Council’s positions diverged,” he told EurActiv. “First, the level of the caps for national debit transactions. Secondly, the scope of the regulation. Commission, Council and Parliament will be working on balanced solutions to these two conflicts ahead of the next trilogue on the 4th of December,” Zalba said.

“It is possible that there will be a swift agreement, but as the trilogue is just getting underway it is difficult to anticipate the speed of progress,” a source privy to the negotiations said.

Both Council and Parliament must agree an identical text before it can become law.

“We are all willing to find the best possible outcome in benefit of the European economy, particularly for consumers,” Zalba said.

Meanwhile the update to the payments services directive is unlikely to be agreed before next Spring, Commission sources told EurActiv.

The revised directive facilitates the use of low cost internet payment services, giving a mandate to the European Banking Authority (EBA) to work on regulatory technical standards in this area.

The Italian Presidency has scheduled a working party on the paper to start on Monday (24 November) at the diplomatic level.

A Commission source told EurActiv  that the executive is optimistic that a Council General Approach can be agreed under the Italian Presidency, with trilogues taking place in January under the Latvian Presidency.

jueves, 6 de noviembre de 2014

ECB and European Parliament meet ahead of supervisory role go-ahead

On November 3, the Committee on Economic and Monetary Affairs met for the public hearing of Daniele Nouy, Chair of the Supervisory Board of the European Central Bank (ECB). A summary of the hearing can be found below.

Chair of the Economic and Monetary Affairs Committee Roberto Gualtieri (S&D, IT) began by welcoming Daniele Nouy and congratulated her on the comprehensive bank assessment and on the ECB taking over its supervisory task on November 4.

Daniele Nouy’s opening remarks outlined the process and results of the asset quality review and stress test on European banks, and the preparedness of the ECB to take over the role of European Supervisory authority.

Pablo Zalba Bidegain (EPP, ES) raised a number of questions about credit organisations. He asked about the impact of credit on small and medium enterprises (SMEs) and families, and whether more credit would be made available under the ECB supervision. Taking into account the requirements for the stress test, the results demonstrated a lot of differences, he explained.

Daniele Nouy explained that the ‘transparency’ within the assessment process would provide investors with confidence, and therefore encourage them to lend to banks and in turn, allow banks to lend to SMEs. She said the ECB was not the only actor in funding the economy, and other actors would have a role to play as well. Regarding the differences of outcomes for different countries, the comprehensive assessment did not aim to reflect the position of countries, but instead concerned banks. There was some correlation with the economic situation of the countries and the banks but it was primarily about ensuring buffers for banks, she reiterated.

Renato Soru (S&D, IT) explained that Italy was one of the countries which had been affected by the results of the stress tests. The Italian public needed to understand what these stress tests were, and believe in their transparency and impartiality. Some columnists had been asking questions about why the stress tests did not take into account a number of other factors. Italian public opinion did not understand what was going on, as state aid for banks had varied between countries. He asked whether this state aid had been taken into account.

Daniele Nouy reiterated that the tests were more about banks than about countries. The economic situation in Italy had played a large role in the fortunes of Italian banks. A fair exercise had been conducted and the methodology of the asset quality review and stress test were transparent, she suggested. Regarding the risk factors which had been tested, the ECB had tested both credit and trading risks. A stress test could not assess all risk, she said. The supervisory review process (pillar 2) was coming next and would include some other types of risk. It would use all the findings of the comprehensive exercise. Regarding state aid, there were different situations if plans were approved by the Commission, banks could use a dynamic balance sheet, and were treated accordingly by the ECB.

viernes, 10 de octubre de 2014

Hill back on the ECON stand

On October 7 2014 the Committee on Economic and Monetary Affairs held its second hearing with Commissioner-designate for Financial Stability, Financial Services and Capital Markets Union Jonathan Hill following his recall. The MEPs were for the most part receptive to the UK candidate, although the Greens-EFA MEPs continued to question his independence and previous work experience. For the most part, the hearing focused on specific financial services regulation and especially the plans for a capital markets union.

Roberto Gualtieri (S&D, IT) opened the hearing, noting that the Commissioner-designate had replied to additional written questions. This second hearing should focus on the issues raised in the written questions.

Commissioner-designate Jonathan Hill began by saying that when he said that he was looking forward to seeing the Committee again, he forgot that it is important to be careful what you wish for. He asked the Committee to imagine that it is 2019 and the Juncker Commission is coming to an end. What would be the message to be given to voters on what has been achieved? The big picture should be that the EU has returned to growth, unemployment is falling and the dislocation of the Southern Members is coming to an end. The EU is stronger and more cohesive and remains a family of 28 Member states. Financial stability has been renewed and banking union introduced. The Euro is taking increasing prominence as a global currency. Trust and confidence between the ins and outs is based on the single rulebook and no bank is too big to fail. Banks have a stronger balance sheet and are lending to the real economy again. Citizens trust the banks as their deposits are safe, The ECB has been recognised as a supervisor of the highest quality and safe new products at lower costs are available to consumers in the financial sector. The capital markets union is emerging and the right framework for a well regulated transparent liquid capital market has emerged. Europe is proud of its financial regulatory system that prevents excessive risk and provides capital. There is also global cooperation on regulation and standards. SMEs now have access to credit based on their merit and not where they are.

Moving back to 2014, he said that there will be bumps in the road ahead. It is possible to be optimistic about the future. If the EU works together and holds its course a more resilient and stable financial services industry can be built that delivers finance for consumers and long-term growth. The work of Commissioner Barnier has to be continued. From November 1st, he pledged to be a European Commissioner for all 28 Member states.

Pablo Zalba Bidegain (EPP, ES) asked about the target of access to finance for SMEs. The Capital Markets Union (CMU) is a way to achieve this and he asked how this would be done. He then asked about TTIP and whether financial services would be included.

Jonathan Hill said that financial services should be included in TTIP. With regards to CMU, he said that this is a real challenge and an exciting prospect. The overall aim should be confidence and protection for investors and the free flow of capital. To do this, there needs to be a single market for European financial instruments, the deepening of the single rulebook and the use of the current supervisory framework. Concerning SMEs, he called for the rapid adoption of the ELTIF proposal, an examination of the prospectus directive and the creation of SME growth markets under MiFID II.