Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-04-10-Speech-3-306"
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"en.20020410.9.3-306"2
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". – Mr President, I should like to begin by saying that the Commission welcomes this report and would like to thank the rapporteur, Mr Skinner, for preparing the report on implementing the risk capital action plan. The report is clearly supportive of the Community strategy to develop the EU risk capital market.
I regard the report from the Committee on Economic and Monetary Affairs as another important building block in our efforts to develop the EU risk capital market. It is encouraging that the recommendations from the committee correspond fully to the measures proposed in the risk capital action plan, and the Commission would very much like to once again thank the rapporteur for his work.
Before I end my contribution to this debate I should like to say, in reply to a question put by Mr Karas, that the Commission is actively following the negotiations at Basle. As Mr Karas knows, the Commission is an observer in those negotiations. We are now entering a third consultation round. More time has been allotted for those negotiations and one of the prime objectives of the Commission is to see to such a development as will ensure that small- and medium-sized enterprises will have the same possibilities of attracting capital as larger companies. Again, why would the Commission approve something which would harm the possibilities for small and medium-sized enterprises to get capital? After all, all we want to do is to facilitate capital going to SMEs since we all know that SMEs play a very important part in creating jobs; of course they also they play a very important part in the creation of high-tech industries, or rather, activities which may lead to high-tech industries.
In conclusion, I would like to say something about the five amendments which have been proposed by Mr Goebbels. Unfortunately he is not here, but I would like to say that on the first amendment the Commission has difficulties because we fear that his amendment would send the wrong signal to the market. We are particularly concerned that state aid discipline should not be weakened, and therefore the Commission does not really like the first amendment and hopes that it will not be accepted by Parliament.
The second amendment states that a shortage of appropriate finance is the major obstacle to starting a business. The Commission begs to differ. The Commission does not agree that the shortage of funds is the major obstacle. There are a number of obstacles and it would be difficult to say which one is
major obstacle. Therefore the Commission regrets it cannot accept this amendment.
The other three amendments – Amendments Nos 3, 4 and 5 – are acceptable to the Commission and no doubt Mr Goebbels will be informed about the opinions of the Commission. We therefore once again accept the fact that those three amendments will be approved by Parliament.
As has been said a number of times this evening in this Parliament, risk capital provides a vital source of financing for new and innovative enterprises, and in that way it contributes significantly to economic growth and to the creation of jobs. The development of a large and efficient EU risk capital market is a key element in the so-called Lisbon Strategy to create a more dynamic and prosperous European Union.
The period since the launch of the risk capital action plan has seen a rapid growth in the EU risk capital market. Investment almost tripled between 1998 and 2000. Growth then slowed in 2001 as the "dot.com bubble" burst and the global economy weakened, but nonetheless the market remains fundamentally sound. Indeed the slowdown in growth may be seen as a necessary consolidation after the rather exuberant behaviour of previous years.
But despite the real progress that has been made, there are still important barriers to development of the EU risk capital market. As the report points out, these barriers affect both the supply side and the demand side of the market. The risk capital action plan is designed to address those barriers, and in order to meet the deadline of 2003 for implementation of the RCAP a number of key actions are required. Perhaps I may mention four of them.
Firstly, the relevant measures in the financial services action plan must be adopted urgently. Those measures include the proposed directive on prospectuses, the proposed directive on occupational pension funds, about which a number of Members have spoken tonight, and the proposed regulation on international accounting standards. The commitment by the Barcelona European Council to have those proposals adopted as early as possible in 2002 is very welcome.
May I say in reply to Mr Karas, on the matter of occupational pension funds, that the Commission is not in the business of making life more difficult for those pension funds that are in operation and that operate efficiently and satisfactorily. Why should the Commission place an increased burden of regulation on those pension funds? That is why I recently said that if the Council were to insist on further restrictions on those pension funds which operate satisfactorily – and basically they are found in the United Kingdom and Ireland, in the Netherlands and Denmark: together those countries account for maybe two thirds or 75% of total capital assembled and saved for the purpose of defraying pension fund obligations – why should the Commission place further restrictions on those pension funds? That is why I have said that if the Council wants to do that then the Commission will have no alternative but to withdraw the proposal.
That is the first way in which the Commission aims at increasing the risk capital action plan market. The second way is that Member States must maintain, and improve where necessary, the pace of structural reform. The objective of reform must be to create an environment in which the risk capital market can flourish. Progress has been made but much remains to be done. The Commission's broad economic policy guidelines for the year 2002/2003 will again call for intensified efforts in this area.
Thirdly, entrepreneurship must be encouraged. Measures to promote a culture of enterprise in the EU have been taken at Community and national levels, but Members of Parliament will appreciate that to change a culture is not easy. Cultural barriers can indeed be particularly difficult to overcome but our efforts in this field must continue and, if possible, be intensified.
Fourthly and lastly the efficiency of public funding for risk capital activities must be improved and it is important that public funding should not crowd out private sector investment. We do not want to see that happen. Based on that consideration the Commission has clarified its policy on state aid to risk capital activities."@en1
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