EU Commission’s Prospectus Directive Review can help companies to raise capital
Following the release of the European Commission’s proposals to review the Prospectus Directive, BUSINESSEUROPE Director General Markus J. Beyrer commented: “We appreciate the fact that the European Commission has made reviewing the current prospectus regime one of the priority actions for building an EU Capital Markets Union. The cost of publishing prospectuses or updating those for issuance programs is very high for companies of all sizes and new rules should strike the right balance between protecting investors and not burdening companies with excessive compliance costs. We need to streamline the prospectus regime for all issuers, and make it easier for all companies to raise capital throughout the EU.”
“The commitment of the European Commission to take actions and be fast in the energy field is positive, because actions are needed. But great caution is needed on the design of concrete legislations” Director General Markus J. Beyrer stressed at the social partner meeting on the state of the Energy Union hosted by Vice-President Šefčovič on 26 November. For instance, the European Commission proposal on the ETS risks fostering investment leakage in European industry. The challenge of high energy prices in the EU will be a key success factor of the Energy Union. European business now expects concrete and decisive actions on this front.
Following the publication of the European Commission’s package to launch the European Semester, including the 2016 Annual Growth Survey, Director General Markus J. Beyrer commented: “By retaining their priorities in the annual growth survey on investment, structural reforms and fiscal responsibility, the Commission has set the right focus for the 2016 European Semester. The implementation of growth-enhancing structural reforms in particular can be key to creating a virtuous circle of investment-led growth. But many member states need to respond to the positive lesson from countries such as Ireland, Spain and the Baltic states, that reform works in delivering growth and jobs.”
The recent EU Court of Justice ruling invalidating the Safe Harbour framework to transfer personal data between the EU and USA puts business in a very problematic situation. BUSINESSEUROPE and the U.S. Chamber of Commerce sent a joint letter to European Commission Vice-President Ansip, Commissioners Jourova and Oettinger, as well as the Chair of article 29 Working Party Isabelle Falque-Pierrotin and their homologues in the USA, calling for an expedite agreement on a strengthened Safe Harbour. Moreover, national data protection authorities must guarantee Europe-wide consistency in their approach to international data transfers and avoid serious disruptions in the digital single market.
On invitation of FEDIL, the Business Federation of Luxembourg, Presidents of the 40 member federations of BUSINESSEUROPE met on 19 and 20 November in Luxembourg. They were received at an audience at the Grand Ducal Palace by HRH Grand Duke Henri. The President of the European Commission, Jean-Claude Juncker, was guest of honour of FEDIL. Participants of the Council of Presidents first paid tribute to the victims of last Friday's attacks in Paris. The meeting’s agenda included an exchange of views on the issue of refugees, the political situation in Poland, economic developments in Greece and the results of the elections in Turkey. They also discussed the future of the Economic and Monetary Union, as well as Europe’s social policy and the forthcoming COP21 international climate change conference in Paris. Photo album
“The only way to overcome the current challenges is not less Europe but more Europe”, BUSINESSEUROPE Director General Markus J. Beyrer said at an event on Europe’s role in the world organised by the Federation of Austrian Industries Vorarlberg on 23 November in Lustenau, Austria. He stressed that more European integration and cooperation between EU member states is needed to find solutions for the refugee crisis, terrorism and economic challenges. In the presence of more than 100 representatives from industry, politics and civil society, Beyrer pleaded for faster progress on ongoing free-trade negotiations, the removal of remaining barriers in the single market and reducing energy prices for European households and industrial consumers. Photo album
Photo copyright: Dietmar Mathis
“A strong regional cooperation between equal partners in Europe is of mutual benefit for each of the countries concerned and for our continent as a whole”, Director General Markus J. Beyrer said at the meeting of the Central and Eastern European (CEE) industry and employer federations initiative on 6 November in Salzburg, Austria. Beyrer also underlined that industry is the backbone of economy and this needs to be actively safeguarded on all levels, both in the CEE region and in Europe as a whole. The CEE initiative consists of BUSINESSEUROPE member federations from Austria, the Czech Republic, Hungary, Slovakia, Slovenia, Croatia and Bulgaria. The group, which celebrated its 10th anniversary in Salzburg, aims at stronger regional cooperation by promoting growth and competitiveness.
“Capital markets are fragmented and regulated differently across the EU. This is a problem as it hinders cross-border capital flows. We must urgently implement many of the excellent proposals in the Commission’s Capital Markets Union action plan if we are to put the EU economy firmly on the path of an investment-led, sustainable growth.” This was the message delivered by BUSINESSEUROPE Director General Markus J. Beyrer at the Tatra summit in Bratislava. Speaking at a panel on ‘Boosting Investment in Europe: Building Capital Markets Union’, Beyrer reminded participants that Europe also needs to remove other barriers to investment, including completing the single market, improving regulation and reducing the cost of doing business, if it is to raise investment levels. http://www.tatrasummit.org
(Photo © Tatra Summit 2015)
The EU single market strategy presented today is a step in the right direction. It can help make the EU single market work better. BUSINESSEUROPE’s Director General Markus J. Beyrer commented: “Our single market is one of Europe’s greatest assets, but is still not living up to its full potential.”
BUSINESSEUROPE Autumn Economic Outlook indicates that over the last six months, EU businesses have experienced a continuing gradual economic recovery, broadly unchanged from our expectations of in the spring. We expect EU output to expand this year by 2.0% in the EU and by 1.7% in the Euro-area (up by 0.1 percentage points for both), with the potential of GDP growth of 2.0% in the EU and 1.8% in the Euro-area in 2016 (both down by 0.1 percentage points). Given the temporary nature of the supporting factors and the slowdown in emerging markets, both the EU and its member states urgently need to press ahead with growth-enhancing structural reforms that raise potential growth and ‘lock-in’ the present recovery.
“European companies believe in the European Union. They are keen to invest in our continent. But to do so, they need a dynamic and business-friendly environment”, BUSINESSEUROPE President Emma Marcegaglia stressed at an event on industrialisation strategies in the EU and the USA organised by the Federation of Austrian Industries Upper Austria (IV OÖ) on 20 October in Linz, Austria. In front of a numerous audience, President Marcegaglia outlined three key areas crucial for Europe’s way forward: a successful TTIP agreement, stronger investment in research and innovation, and the need to reduce the EU industrial prices of energy. Photos - Video coverage on LT1 Oberösterreich
“We can make Europe stronger only by working together to find European solutions to common challenges. To get more growth and jobs we must focus on reforms, open markets, access to finance, investment. These are the key ingredients of success”. This is how Emma Marcegaglia, 16th president of BUSINESSEUROPE since 1958, expressed her vision of Europe for her second mandate, running until June 2017, during a reception celebrating her re-election at the helm of the organisation, in presence of European Commission Vice-President Dombrovskis and high-level personalities. Ms Marcegaglia is also is Vice-Chairman and Chief Executive Officer of Marcegaglia S.p.A., Chairman of ENI and former President of Confindustria. - Photos