At a meeting of eurozone countries on Monday 7 October, Spain’s Minister for the Economy, Carlos Cuerpo, proposed a new decision-making mechanism to help boost the European Union’s competitiveness.
Inspired by the ‘Draghi’ report (see EUROPE 13478/1), the “competitiveness lab” envisaged by Spain would speed up the implementation of recommendations on financial integration. A group of at least three EU Member States would be sufficient to test initiatives in a “controlled environment” with the support of the European Commission.
“This would be done in a sandbox type environment, so that the effects of implementing these additional integration projects at European level can be seen from the outset” argued Mr Cuerpo at lunchtime on Monday.
It would then be up to the European Commission to evaluate the projects that were tested and either recommend or extend them to all twenty-seven Member States.
On Monday, Spain put forward an initial proposal for the development of European rating standards for SMEs. “This would give our SMEs access to a better and larger source of financing, i.e. at lower costs throughout theEU, which would encourage additional investment, usually associated with major R&D or innovation projects” said Mr Cuerpos.
Reactions. “The proposal goes in the right direction. (...) But we also have to look at it from several points of view, particularly from a legal point of view, and we have to look at it in more detail”, said the European Commissioner for Economic Affairs, Paolo Gentiloni, who was asked about the proposal at a press conference on Monday evening.
The President of the Eurogroup, Paschal Donohoe, also described the proposal as “important”. “It should encourage all countries to take a step forward”, he said.
CMU. The Spanish proposals were formulated in the margins of an ‘inclusive format’ Eurogroup meeting that was devoted, among other things, to the completion of the Capital Markets Union (CMU).
The President of the European Investment Bank (EIB), Nadia Calviño, presented the 27 Finance Ministers with three specific proposals aimed at closing the financing gap that is driving some European companies to seek funds outside of the EU.
Ms Calviño’s proposals include an extension of the EU’s ‘Tech Champions’ initiative and the development of equity and venture capital investments. The EIB President also spoke of an exit fund “so we can provide financing for the acquisition and lasting of innovative companies at a later stage of maturity”, she said. (Original version in French by Bernard Denuit)