Didier Davydoff, Director of the OEE
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1 The future f the EU: Visins by Jean-Claude Juncker and Emmanuel Macrn General Assembly f the Eurpean Federatin f Building Scieties Bucharest - Nvember 3, 2017 Didier Davydff, Directr f the OEE
2 the Brexit is nt a British crisis, it is a Eurpean crisis, an alarm signal Révlutin I suggest that we prepare fr this mment well Junker s adress Dec Ecnmic and Mnetary Unin package f prpsals by the Cmmissin t the Eurpean Cuncil Sept Speech at Srbnne University: «Initiative fr Eurpe A svereign, united, demcratic Eurpe» Sept State f the Unin Adress: «Catching the wind in ur sails», «Radmap fr a mre united, strnger and mre demcratic unin» May 2017 March 2017 French presidential electin Presidential prgram disclsed Sept 2015 The actin plan «Capital Market Unin» annunced Nv «Revlutin», Macrn s bk Chapter XV: «Overhauling Eurpe» Nv The Investment plan annunced 2 EFBS Meeting Nvember 3, 2017
3 CONVERGING PRIORITIES (1) Junker Macrn Security X X Cntrl f migratins X X Partnership with Africa X X Eclgical transitin X X Digital ecnmy A Eurpean agency fr Cybersecurity Taxatin and regulatin f GAFA Establishment f an Agency frt breakthrugh innvatin Cnvergence f ecnmic plicies X X Freign Investment screening X 3 EFBS Meeting Nvember 3, 2017
4 CONVERGING PRIORITIES (2) Junker Macrn Scial Standards A minimum wage depending n the «ecnmic reality» f each cuntry Regulate scial cntributin cmpetitin Educatin X Build 20 Eurpean universities Demcracy X Transnatinal lists fr the Eurpean Parliament electin Institutins A single President f the Cmmissin and the Cuncil A duble hatted Minister f Ecnmy and Finance A Cmmissin f 15 members Funding members give up with their natinal representative 4 EFBS Meeting Nvember 3, 2017
5 CONVERGING PRIORITIES (3) Junker Macrn Cnvergence f ecnmic plicies X X New Trade Agreements Freign Investment screening X X Financial Transactin Tax X Eurpean budget increased X Direct Eurpean taxes Part f the harmnised crpratin tax transfered t the EU budget Crpratin tax A crridr fr crpratin tax rates 5 EFBS Meeting Nvember 3, 2017
6 INVESTMENT PLAN FOR EUROPE: THE JUNKER PLAN Eurpean Cuncil, June 2012: Cmpact fr grwth and jbs EIB capital increased by EUR 10 billin Prject bnds prject t fund investments in key infrastructures Mixed results: Only part f the prjects implemented 2014: Junker annunces an Investment Plan fr Eurpe A three years plan based n the Eurpean Fund fr Strategic Investments (EFSI) Intended t attract additinal private funding fr infrastructures, educatin, research, innvatin and renewable energy September 2016: 45% f the initial investment target attained; the Cmmissin prpsed t duble the duratin ( 2020) and financial capacity f EFSI t prvide a ttal f at least 500 billin f investments by 2020 Hwever, mainly Member States funded prjects Overall, the cntributin f the EU t investment is still limited Macrn: I prpse a Eurpean investment Plan much mre pwerful than the Junker Plan, such invetsments shuld be taken ut f public debt and deficit limits f the Grwth and Stability Pact (Révlutin) 6 EFBS Meeting Nvember 3, 2017
7 MACRON PROPOSED A SERIE OF ADDITIONNAL EU EXPENSES Security A cmmn defence budget feeded by a Eurpean Defense Fund A Eurpean Intelligence Academy (Junker: a Eurpean intelligence unit) A cmmn civil prtectin frce A Eurpean prsecutr (Junker: idem) The migratin challenge Creatin f a Eurpean Asylum Office Establish intercnnected databases and secure bimetric identificatin dcuments Gradually establish a Eurpean brder plice frce Finance a large-scale Eurpean prgramme t train and integrate refugees Develpment assistance Eurpean develpment assistance funded by the tax n financial transactins designed accrding t the existing French tax r the British stamp duty Jint educatin, health and energy investments in Africa Sustainable develpment An industrial prgramme t supprt clean vehicles and the required infrastructure (charging statins, etc.) 7 EFBS Meeting Nvember 3, 2017
8 JUNKER S VISION FOR A POLITICAL EURO AREA The eur is the currency f the EU, nt just cuntries within the eur area Transfrmatin f the Eurpean Stability Mechanism int a Eurpean Mnetary Fund (Details t be disclsed in December 2017) Creatin f a dedicated eur area budget line within the EU budget prviding fr: Structural refrm assistance Stabilisatin functin Backstp fr the Banking Unin Cnvergence instrument t give pre-accessin assistance t nn-area Member Sates Integratin f the Treaty n Stability, Crdinatin and Gvernance (2012) int EU law A duble-hatted Eurpean Minister f Ecnmy and Finance Merge the Presidents f the Eurpean Cmmissin and the Eurpean Cuncil 8 EFBS Meeting Nvember 3, 2017
9 THE EUROPEAN ECONOMY AND FINANCE MINISTER/BUDGET In his presidential prgramme Macrn prpsed a Minister f Ecnmy and Finance f the eur area Respnsible fr the eur area budget Under the cntrl f a Parliament f the eur area cmpsed f «Eurpean members f Parliament frm Member Sates» Junker prpsed a Eurpean Minister f Ecnmy and Finance wh: Will prmte and supprt structural refrms in Member Sates Will crdinate all EU financial instruments available if a Member State is in a recessin r hit by a fundamental crisis Will be the Cmmissiner fr ecnmic and financial affairs Will be accuntable t the Eurpean Parliament «We d nt need a budget fr the Eur area but a strng Eur area budget line within the EU budget» Bth are still vague n the substance f the budget Macrn: The budget wuld be funded by envirnmental and digital Eurpean taxes, plus part f crprate taxatin The Eurpean Cmmissin will present a budgetary plan in March 2018, dramatically increasing the EU budgetary capacity despite the Brexit 9 EFBS Meeting Nvember 3, 2017
10 MACRON S VISION: CLARIFICATIONS NEEDED A paradx: Macrn prpses a strng gvernance f the eur area but mst f his precise plicy prpsals wuld apply t the EU Macrn claims that what is fundamentally at stake is nt a mechanism t magically slve all prblems but his prpsals fail t tackle bank/gvernment inslvencies and liquidity crisis. Macrn prpses t strengthen the Junker Investment Plan but mst f his precise prpsals generate an increase in functining expenses. N precise prpsals t increase investment (except an industrial prgram fr clean vehicles), which is the key weakness f the Eurpean ecnmy. 10 EFBS Meeting Nvember 3, 2017
11 JUNKER S VISION: CLARIFICATIONS NEEDED A paradx: Macrn prpses a strng gvernance f the eur area but mst f his precise plicy Hw the Eurpean Mnetary Fund wuld be different frm the current Eurpean Stabilisatin Mechanism? Cnditins under which it can participate directly in a bank recapitalisatin? Precautinary recapitalisatin allwed? A cmmn fiscal backstp? Ablishing the unanimity rule fr the authrisatin f assistance prgrams? A mre integrated gvernance? Wuld the EU minister f finance have mre pwers than the existing Cmmissiner fr Ecnmy and Finance? Which accuntability? The eur area budget line Hw wuld it facilitate structural refrms in Member States? Hw culd it have a stability functin withut being dramatically increased? Is there a need fr pre-accessin assistance? 11 EFBS Meeting Nvember 3, 2017
12 THE INCOMPLETNESS OF THE SINGLE MARKET IN FINANCIAL SERVICES: WHERE IS THE VISION? Still pending: the Eurpean depsit insurance scheme The size f a Eurpean Fund will imprve depsit prtectin The cverage f depsit insurance shuld be the same as the ne f supervisin t align incentives Cnfidence in the banking system will n lnger depend n gvernments slvency Necesssary assessment f the Capital Market Unin Persistent dmestic bias f savers and investrs Fixed incme and equity markets still fragmented Husehlds d nt fully benefit frm the single market Lw crss brder savings flws (see OEE study fr the Eurpean cnsumer assciatin BEUC) Twards a Eurpean husing savings Plan? 12 EFBS Meeting Nvember 3, 2017
13 EUROPEAN SAVERS ARE FAR FROM BEING EQUALLY REMUNERATED ACROSS COUNTRIES 13 EFBS Meeting Nvember 3, 2017
14 A NEW MOMENTUM FOR EUROPE Dnald Tusk, President f the Eurpean Cuncil, prpsed a series f thematic EU summits in the perspective f Eurpean electins in June 2019 Scial cnvergence Defence Demcratisatin f Eurpe Cmmercial plicy Migratin plicy Security Macrn: In the cming weeks, creatin f a grup f representatives f MS and Eurpean institutins t prpse refrms at summer 2018 Institutinal cmpetitin? 14 EFBS Meeting Nvember 3, 2017
15 The future f the EU: Visins by Jean-Claude Juncker and Emmanuel Macrn General Assembly f the Eurpean Federatin f Building Scieties Bucharest - Nvember 3, 2017 Didier Davydff, Directr f the OEE
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