Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-510-000"
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"en.20120912.27.3-510-000"2
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Mr President, honourable Members, I welcome the opportunity to say a few words this evening on these two important subjects of venture capital and social entrepreneurship on behalf of my colleague, Mr Barnier, who was unable to join you this evening due to the informal Economic and Financial Affairs (ECOFIN) Council which will take place in Cyprus tomorrow. At this moment, therefore, he must be somewhere in the skies above us.
From our perspective, an envisageable solution could be constructed on four pillars. First, the inclusion in the instrument, that is to say in the very text of the directive, of a clause reproducing an existing article of the Alternative Investment Fund Managers (AIFM) Directive. This clause, which makes reference to the OECD Model Tax Convention, has already been accepted by the Member States. Second, the retention of the existing recitals on tax havens. Third, a Commission declaration on the establishment of harmonised standards for the identification of tax havens. Fourth, the mention of a revision clause in the regulations by which the Commission undertakes to promote, if necessary, additional measures to ensure that venture capital funds and social entrepreneurship funds are not domiciled in tax havens.
The Commission has always been committed to ensuring compliance with international law on taxation and will continue to fight against all forms of tax evasion. With its draft declaration on tax havens, it wishes to clearly reaffirm its principles and its utter resolve. However, today, it is essential that we undertake to move forward rapidly towards the adoption of both these texts, because the ultimate aim is to facilitate the funding of SMEs.
Today, we can send a strong signal to all economic stakeholders to show them that Europe has understood the extent of the problems and is there to propose solutions.
Ladies and gentlemen, in recent years there have been too many signs suggesting, rightly or wrongly, that finance was an activity serving the financial stakeholders personally instead of moving the economy forward as a whole. It is up to us to reverse this trend and to use every means available to us to improve the financing of companies. This is a crucial step towards economic recovery and sustainable growth.
Since April 2011 and the adoption of the Single Market Act by the Commission, important steps have been taken to boost the competitiveness of our enterprises, especially small and medium-sized enterprises (SMEs). SMEs – by way of reminder, there are almost 22 million in the EU – are the backbone of the EU economy and of its capacity to innovate and create jobs. However, unlike other regions of the world, the European Union has been late in detecting and encouraging these champions of tomorrow through a sustainable, growth-oriented funding framework, that of venture capital. These growth drivers are badly needed today, especially in new technologies.
Similarly, enterprises that pursue so-called ‘social’ objectives have huge potential for sustainable growth, which we need. These enterprises create a social link thanks to their policy of inclusion in favour of the most disadvantaged citizens, in particular by enabling many people who are out of work to return to employment. The pursuit of social, ethical and environmental objectives can generate positive external effects for a country. They can also help revitalise some of our regions.
The debate we are holding today falls fully within this context. Finance must once again serve the real economy, which innovates and creates jobs. Europe has financial resources; it even has one of the highest savings rates in the world. These savings must be channelled towards sectors with the greatest need and, primarily, towards the SMEs operating in these sectors.
That is why the Commission has proposed establishing a new legislative framework for European venture capital funds and social entrepreneurship funds. Through these proposals, these funds will be able to obtain a single marketing authorisation, valid throughout Europe, which will enable them to collect money far more easily from investors.
We are very grateful to the rapporteurs, Mr Lamberts and Ms Auconie, and to the shadow rapporteurs for the work they have done on both these issues. Many technical questions were resolved quickly under the Danish Presidency, and we are satisfied with the political agreement reached on the last day of this Presidency. We welcome the spirit of cooperation and compromise which made it possible.
Today, therefore, there is broad agreement between the Council and Parliament in the many areas covered by these two reports. However, there is one outstanding issue, that of tax havens. I am fully at one with you in the fight against tax havens. I believe that these types of tax systems are a major problem which must be resolved as a matter of urgency.
However, I also believe that these two proposals cannot be the hostages of a single issue. When there is agreement on practically all of the content and when the disagreement relates solely to a very specific element, all means must be deployed to break the stalemate. All of us in this House are aware of the time we would lose and that companies would lose if we went to second reading. I would therefore urge you to pick up the thread of the discussions with the Council as soon as possible on this last point. The Commission is ready to facilitate a new compromise on this."@en1
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