2011年-ECB欧洲央行_Contribution_of_the_Eurosystem_to_the_public_consultation_of_the_European_Commission_on_the_communication_Towards_a_Single_Market_Act_4页_95kb

Eurosystem Contribution to the Public Consultation on the Single Market Act

I. General Considerations

(i) Re-launching the Single Market as a Step towards Deeper Economic Union

The Eurosystem welcomes the European Commission's focus on the Single Market Act as a priority for 2011–2012, recognizing its central role in the Union's growth agenda. The re-launching of the Single Market is seen as a crucial opportunity to increase the "speed limit" of the European economy, especially in the wake of the financial crisis. The completion of the Single Market is considered essential for advancing towards a deeper economic union that aligns with the level of economic integration already achieved through monetary union (EMU). EMU has strengthened trade integration and competition by reducing cross-border costs and enhancing price transparency, while a well-functioning Single Market supports the smooth functioning of EMU by enabling swift market-based adjustments and the correction of economic imbalances.

(ii) Enhancing Potential Growth and Facilitating Monetary Policy

The Eurosystem emphasizes the importance of proposals that can enhance potential growth and support price stability. Key areas of focus include:

• Services Directive: Full implementation is crucial to boost GDP, consumption, and trade.
• Retail Banking Services: Initiatives to improve access and transparency are particularly welcome due to the slow pace of integration in this sector.
• Mortgage Market Integration: A single mortgage market would enhance the homogeneity of monetary policy transmission across the euro area.
• Labour Market Reforms: Improving skills matching and labour mobility is vital for EMU's adjustment mechanisms and for raising productivity.
• Access to Finance for SMEs: Enhancing financial integration and reducing constraints for SMEs is essential for their growth and innovation.
• Electronic Commerce Development: Accelerating integration in the digital market is key to harnessing its growth potential.
• Public Procurement Integration: Simplifying and harmonizing procurement rules can foster innovation, cross-border trade, and competition.

The Eurosystem also highlights the importance of rapid and full implementation of all Single Market-related legislative acts. It advocates for the use of regulations over directives to ensure consistency and effectiveness across Member States.

II. Comments on Specific Proposals

(i) Full Implementation of the Services Directive

The Eurosystem supports full and effective implementation of the Services Directive, as it can enhance competition and productivity in the services sector. This would contribute to higher GDP growth and better consumption and trade outcomes.

(ii) Further Integration in Retail Banking Services

The Eurosystem encourages measures to improve access to basic banking services and enhance transparency and comparability of charges. These reforms are seen as important steps towards a single retail banking market and complement the development of the single euro payments area.

(iii) An Integrated Mortgage Market

Creating a single integrated mortgage market is supported by the Eurosystem as it can lead to a more homogeneous transmission of monetary policy. However, it must also consider implications for financial stability.

(iv) Increasing Skills Matching and Labour Mobility

The Eurosystem welcomes initiatives to improve the recognition of professional qualifications and the transferability of pensions. These measures are crucial for enhancing job mobility and supporting EMU's adjustment mechanisms. Additionally, better access to education and training across the EU is vital for increasing productivity and potential output growth.

(v) Improving Access to Finance

The Eurosystem supports measures to improve access to capital for SMEs, especially through the development of a more integrated capital market. SMEs are seen as the backbone of the European economy, and their financial constraints have been exacerbated by the crisis. A harmonized and tailored regime for SME capital markets would provide benefits such as access to capital during economic cycles, stimulation of regional economies, and alternative financing paths.

(vi) Further Developing Electronic Commerce

The Eurosystem calls for the acceleration of measures to develop electronic commerce in the internal market. As the digital economy grows, it is important to ensure that trade barriers are removed to allow for the same level of integration as in the physical economy.

(vii) A Single Market for Public Procurement

The Eurosystem views the integration of the public procurement market as a key avenue for deeper economic integration. Public procurement accounts for around 17% of EU GDP, and simplifying rules can lead to cost savings, increased competition, and innovation.

(viii) Creating a Global Level-Paying Field

The Eurosystem supports efforts to promote regulatory convergence and international standards through dialogue with global partners, including the G20. Ensuring market openness and countering protectionist tendencies is essential for the long-term success of the Single Market.