2014年-ECB欧洲央行_Contribution_of_the_Eurosystem_to_the_public_consultation_of_the_European_Commission_on_the_mid-term_review_of_the_Europe_2020_strategy_4页_263kb

Eurosystem Contribution to the Europe 2020 Strategy Mid-Term Review

Core Content

The Eurosystem has submitted its contribution to the European Commission's public consultation on the mid-term review of the Europe 2020 strategy, emphasizing the need for continued and stronger focus on structural reforms and fiscal sustainability to achieve the strategy's long-term objectives. The Eurosystem acknowledges the progress made since 2010 in addressing fiscal and macroeconomic imbalances, strengthening financial systems, and deepening the Single Market. However, it also highlights that the strategy's goals have not been fully realized, and further action is required.

Main Views

• Support for Europe 2020 Objectives: The Eurosystem continues to support the overall goals of the Europe 2020 strategy, particularly in promoting growth and employment.
• Need for Structural Reforms: The strategy should prioritize reforms that increase potential growth and employment, including labor and product market improvements, and a better business environment.
• Fiscal Sustainability: While budgetary imbalances have improved, high public debt remains a risk. The Eurosystem stresses the importance of growth-friendly fiscal consolidation to reduce debt and address the challenges of aging populations.
• Financial Integration: A more integrated financial system is crucial for the effectiveness of monetary policy and the efficient allocation of capital. This includes improving corporate bond and equities markets, harmonizing legal frameworks, and streamlining national taxation and insolvency procedures.
• SME Financing: Developing alternative funding sources for small and medium-sized enterprises (SMEs) is necessary. This involves removing obstacles to credit availability and regulatory harmonization.
• Economic Governance: The Eurosystem underscores the importance of strict and consistent implementation of the strengthened economic governance framework, including the Six-Pack and Two-Pack legislation, to ensure fiscal discipline and macroeconomic stability.

Key Information

Improving Economic Structures

• Labor and Product Markets: Enhancing flexibility and competitiveness in these markets is essential. This includes improving wage-setting, labor mobility, and reducing entry barriers for new firms.
• Business Environment: A better business environment will encourage investment and innovation, helping European countries remain competitive globally.
• Single Market Act: The Eurosystem encourages the full implementation of the Single Market Act to support these reforms.

Ensuring Fiscal Sustainability

• Public Debt Reduction: Continued fiscal consolidation is necessary, with a focus on reducing unproductive government spending while maintaining growth-enhancing investments in education, R&D, and infrastructure.
• Growth-Friendly Policies: Fiscal strategies should be designed to support potential output growth and address the challenges posed by aging populations.

Enhancing Financial Structures

• Banking Union: The establishment of the Banking Union has improved financial stability, but more integration is needed, especially in corporate bond and equities markets.
• Single Market for Capital: Creating a unified capital market is essential to enhance the transmission of monetary policy and reduce financial fragmentation.
• SME Financing: Efforts should be made to develop alternative financing channels for SMEs, including improving access to credit and harmonizing regulatory requirements.

Strengthening Economic Governance

• Implementation of Rules: The Eurosystem calls for a thorough implementation of existing economic governance rules to ensure their effectiveness and credibility.
• National Ownership: It emphasizes the importance of national ownership of reform recommendations and the need for regular monitoring and communication with stakeholders.
• EU-Level Governance: In the longer term, EU governance of structural reforms should be strengthened to support competitiveness and resilience across the euro area.

Conclusion

The Eurosystem advocates for a renewed focus on structural reforms and fiscal sustainability to ensure the success of the Europe 2020 strategy. It emphasizes the need for a well-functioning labor and product market, a competitive business environment, and a more integrated financial system. The strategy should also be supported by effective economic governance and national-level reforms to achieve long-term growth and employment objectives.