June 2013

Cercle de l’Industrie’s contribution to the European Commission’s Green paper “Enhancing the long term financing of the European economy”.  

 

  On March, 25th 2013, the European Commission adopted a Green Paper that launches a three-month public consultation on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe.

  

 

  

Answering this consultation on June, 25th 2013, Cercle de l'Industrie held that access to finance is a key component of a country's competitiveness. Hence the need for the EU legislator to ensure that the ongoing reforms of the financial regulatory and prudential framework (Bale III, Solvency II) do not impact negatively on non-financial companies' access to financing (credit or guarantees) in the EU. Cercle de l'Industrie also stressed that banks must continue to act as the key source for long term financing in the EU. As regards financing channeled by markets: there is a need for stable fiscal frameworks, harmonization at EU level of those frameworks, and fiscal encouragement towards long term savings and long term investment. Current credit or guarantee schemes that have proven to be efficient at national (Ex: Coface in France) or EU (EIB) level, must be extended: public agencies must supplement the private sector for the riskier parts of project financing. Eventually, the current IFRS accounting norms and principles are not adapted to the needs of the real economy.

  

 

 

Read Cercle de l’Industrie’s contribution to the consultation.

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