Sant jiddeskrivi lill-Unjoni tas-Swieq Kapitali bħala s-Sinderella tal-politika tal-UE

Waqt konferenza dwar is-Servizzi Finanzjarji Ewropej li saret fl-Awditorju BNP Paribas ta’ Brussell, l-eks Prim Ministru Alfred Sant ikkummenta dwar ir-riżultati miksuba mill-Unjoni Ewropea fit-tnedija ta’ Unjoni tas-Swieq Kapitali fl-Ewropa. Huwa sostna li l-progress mexa b’ritmu kajman ħafna u waqaf ħabta u sabta. Huwa ddeskriva lill-Unjoni tas-Swieq Kapitali bħala s-Sinderella tal-policies ewlenin Ewropej fl-unjoni ekonomika u finanzjarja.

Bħala eżempju ċar ta’ dan, Sant tkellem dwar l-isfidi u d-diżappunt esperjenzat meta bħala rapporteur ħa sehem fin-negozjati bejn il-Parlament Ewropew u l-Kunsill tal-Unjoni Ewropea biex jintlaħaq ftehim dwar id-Direttiva dwar l-Istruttura tal-Ishma tal-Vot Multipli. Id-Direttiva tappoġġja lis-sidien tal-kumpaniji, speċjalment sidien ta’ negozji żgħar u medji, biex joħorġu għall-begħ l-ishma tal-kumpanija tagħhom għall-ewwel darba fi swieq kapitali li huma dedikati għat-tkabbir tan-negozji żgħar u medji bl-użu ta’ strutturi ta’ ishma b’voti moltepliċi.

Il-parlament xtaq jestendi l-għan tad-Direttiva għas-swieq kapitali kollha, peress li kif inhi, id-Direttiva ftit li xejn se jkollha impatt. Madanakollu, ma kienx hemm rieda politika fost l-Istati Membri biex id-Direttiva tingħata aktar importanza. Sadanittant, negozji żgħar u medji tradizzjonali u start-ups ta’ teknoloġija għolja qed jemigraw lejn New York u jniedu l-kumpaniji tagħhom fis-swieq kapitali tal-Istati Uniti li huma aktar flessibbli u effettivi fit-tnedija tal-ħruġ tal-ishma.

Il-konferenza ttellgħet minn Barclays u Kreab bl-għajnuna ta’ Forum Europe. L-għan tal-konferenza kien li tindirizza l-ħidma mportanti li għandha quddiemha l-Ewropa li twassal għall-Unjoni miftuħa, reżiljenti u kompetittiva fil-finanzi. Il-konferenza ffokat fuq l-mira tal-Ewropa li ssir l-ewwel kontinent tad-dinja bi klima newtrali sal-2050 filwaqt li tibqa’ miftuħa, reżiljenti, kompetittiva u tgħaqqad lil kulħadd – individwi, negozji, u gvern biex jieħdu azzjoni. Il-preżentazzjonijiet ewlenin saru minn Mairead McGuinness, il-Kummissarju Ewropew għas-Servizzi Finanzjarji, l-Istabilità Finanzjarja, u l-Unjoni tas-Swieq Kapitali, kif ukoll Thomas Östros, Viċi President tal-Bank Ewropew tal-Investiment. Waqt l-aħħar sessjoni tal-konferenza Alfred Sant iddiskuta mal-moderatur Jack Schickler mill-Euronews l-istatus attwali tas-servizzi finanzjarji, is-swieq kapitali, u l-investimenti infrastrutturali fl-Ewropa.

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Sant calls the Capital Markets Union the cinderella of EU policies

During a conference about European Financial Services held at the BNP Paribas Auditorium of Brussels, former Prime Minister Alfred Sant reviewed the results obtained by the European Union in launching a Capital Markets Union (CMU) in Europe. He argued that progress has been extremely slow and halting and called CMU the Cinderella of the Union’s flagship policies in economic and financial union.

As a case in point, Sant spoke about the challenges and the disappointment experienced when as rapporteur he took part in the negotiations between the European Parliament and the European Union Council to reach an agreement on the Multiple Vote Shares Structure Directive. The Directive encourages company owners, especially owners of SMEs, to list the shares of their company for the first time on an SME growth market using multiple-vote share structures. 

The Parliament wished to extend the scope of the Directive to all capital markets, since as it stood, the Directive would have little impact. However, there was not the political will among Member States to make the Directive meaningful. Meanwhile, traditional SMEs and high tech start ups have been migrating to New York and launching their companies on US capital markets which are more flexible and fast in launching share issues.

Hosted by Barclays and Kreab in partnership with Forum Europe, the conference aimed to address Europe’s imperative to deliver an open, resilient, and competitive Union in finance. It focused on Europe’s goal to become the world’s first climate-neutral continent by 2050 while remaining open, resilient, and competitive and uniting all – individuals, businesses, and government – to action. Keynote presentations were delivered by Mairead McGuinness, European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, as well as Thomas Östros, Vice-President of the European Investment Bank. During the last session of the conference Alfred Sant reviewed with moderator Jack Schickler from Euronews the current status of financial services, capital markets, and infrastructural investments in Europe.