“If we want European companies to survive the crisis, access to private finance is absolutely crucial. The package we are voting into law today helps to improve companies’ access to finance during an unprecedented health crisis”, said Markus Ferber MEP, EPP Group Spokesman on Economic Affairs, ahead of the debate and votes on how capital markets can help business recover from the Coronavirus pandemic.
“We are cutting red tape for intermediaries, facilitating equity research for smaller companies and helping commodity markets flourish. At the same time, small retail investors will keep enjoying the highest degree of investor protection”, Ferber said.
Parliament votes tonight on two law simplifications to stimulate the economic recovery after the COVID pandemic. One of them is changes to current financial market rules (MiFID II), spearheaded by Ferber. The second one is the simplification of the procedure for issuers to quickly raise capital on the market (EU Recovery Prospectus), which Sirpa Pietikäinen MEP negotiated on behalf of the EPP Group.
“I am happy that we have now completed the Capital Markets Recovery Package. It helps European businesses recover from the COVID-19 pandemic. It aims to facilitate companies, also Small and Medium-sized Enterprises, to access capital markets and receive new funding in a short period of time”, Pietikäinen said.
“In these uncertain times, there are no magic bullets. Therefore, it is important that we ensure a legislative framework that solves current problems, but also works adequately after the crisis”, Pietikäinen underlined.
Markus Ferber recalled that it took a lot of fighting to get this done. Some political groups were blinded by ideology instead of finding workable solutions.
“I am shocked by the destructive approach chosen by the Social Democrats and Greens during the course of the negotiations. It seems as if they are actively working to obstruct the economic recovery from the COVID-19 pandemic. Even if it is hard for the Left to imagine, there are more options than paying for the crisis with taxpayers’ money. Well-regulated financial markets can be part of the solution”, Ferber concluded.
Note to editors
The EPP Group is the largest political group in the European Parliament with 187 Members from all EU Member States