The European Commission has today published a new, ambitious Action Plan to boost the European Union’s Capital Markets Union (CMU) over the coming years. The EU’s top priority today is to ensure that Europe recovers from the unprecedented economic crisis caused by coronavirus. Developing the EU’s capital markets, and ensuring access to market financing, will be essential in this task.
Large and integrated capital markets will facilitate the EU’s recovery, making sure that businesses – in particular small and medium-sized businesses – have access to sources of funding and that European savers have the confidence to invest for their future. Vibrant capital markets will also support Europe’s green and digital transition, as well helping to create a more inclusive and resilient economy. The Capital Markets Union is also crucial to boost the international role of the euro.
Valdis Dombrovskis, Executive Vice-President for an Economy that works for People said: “The coronavirus crisis has injected real urgency into our work to create a Capital Markets Union. The strength of our economic recovery will depend crucially on how well our capital markets function and whether people and businesses can access the investment opportunities and market financing they need. We need to generate massive investments to make the EU economy more sustainable, digital, inclusive and resilient. Today’s Action Plan aims to tackle head-on some of the remaining barriers to a single market for capital.”
Today’s Action Plan has three key objectives:

Ensuring that the EU’s economic recovery is green, digital, inclusive and resilient by making financing more accessible for European companies, in particular SMEs;
Making the EU an even safer place for individuals to save and invest long-term;
Integrating national capital markets into a genuine EU-wide single market for capital.

To do this, the Commission is putting forward today sixteen targeted measures to make real progress to complete the CMU. Among the measures announced today, the EU will:

Create a single access point to company data for investors;
Support insurers and banks to invest more in EU businesses;
Strengthen investment protection to support more cross-border investment in the EU.
Facilitate monitoring of pension adequacy across Europe;
Make insolvency rules more harmonised or convergent;
Push for progress in supervisory convergence and consistent application of the single rulebook for financial markets in the EU.

These measures build on the progress made in the 2015 CMU Action Plan and 2017 Mid-Term Review, and follow calls from the European Parliament (draft own initiative (INI) report, June 2020) and Council (Council conclusions, 5 December 2019). They are also informed by detailed discussions with stakeholders and the recommendations of the High Level Forum on Capital Markets Union.
Background
The CMU is not a goal in itself, but is essential for delivering on key economic policy objectives: the post-coronavirus recovery, an inclusive and resilient economy that works for all, the twin transition towards a digital and sustainable economy, and open strategic autonomy in a post-Brexit and increasingly complex world. Meeting these objectives requires massive investments that public money and traditional funding through bank lending alone cannot deliver. Only large, well-functioning and integrated capital markets can provide the scale of support needed to recover from the coronavirus crisis. Only a proper functioning CMU can mobilise and channel the enormous investment required to tackle the climate and environment challenges we face and support the digitalisation of our companies, so they remain competitive globally.
The CMU should bring value to all Europeans, wherever they live and work. Consumers should have more choice as regards their savings and investments, and should be well informed and appropriately protected wherever they are. Businesses, including small- and medium-sized ones, should be able to access funding across the EU and investors should be able to invest in projects across the EU.
Compliments of the European Commission.
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The European Commission has today adopted a new Digital Finance Package, including Digital Finance and Retail Payments Strategies, and legislative proposals on crypto-assets and digital resilience. Today’s package will boost Europe’s competitiveness and innovation in the financial sector, paving the way for Europe to become a global standard-setter. It will give consumers more choice and opportunities in financial services and modern payments, while at the same time ensuring consumer protection and financial stability.
Today’s measures will be crucial in supporting the EU’s economic recovery as it will unlock new ways of channelling funding to Europe’s businesses, while also playing a key role in delivering the European Green Deal and the New Industrial Strategy for Europe. By making rules safer and more digital friendly for consumers, the Commission aims to boost responsible innovation in the EU’s financial sector, especially for highly innovative digital start-ups, while mitigating any potential risks related to investor protection, money laundering and cyber-crime.
Valdis Dombrovskis, Executive Vice-President for an Economy that works for People, said: “The future of finance is digital. We saw during the lockdown how people were able to get access to financial services thanks to digital technologies such as online banking and fintech solutions. Technology has much more to offer consumers and businesses and we should embrace the digital transformation proactively, while mitigating any potential risks. That’s what today’s package aims to do. An innovative digital single market for finance will benefit Europeans and will be key to Europe’s economic recovery by offering better financial products for consumers and opening up new funding channels for companies.”
Today’s Digital Finance Package consists of a Digital Finance Strategy, a Retail Payments Strategy, legislative proposals for an EU regulatory framework on crypto-assets, and proposals for an EU regulatory framework on digital operational resilience.
A Digital Finance Strategy: towards a European financial data space – new ways of channelling funding to SMEs – better financial products for consumers
The aim of today’s Digital Finance Strategy is to make Europe’s financial services more digital-friendly and to stimulate responsible innovation and competition among financial service providers in the EU. It will reduce fragmentation in the digital single market, so that consumers can have access to financial products across borders and that Fintech start-ups scale up and grow. It will ensure that EU financial services rules are fit for the digital age, for applications such as artificial intelligence and blockchain. Data management is also at the heart of today’s strategy. In keeping with the Commission’s broader Data Strategy, the objective of today’s measures is to promote data sharing and open finance, while maintaining the EU’s very high standards on privacy and data protection. Finally, the strategy aims to ensure a level playing field among providers of financial services, be they traditional banks or technology companies: same activity, same risks, same rules.
A Retail Payments Strategy: modern and cost effective payments
Today’s strategy aims to bring safe, fast and reliable payment services to European citizens and businesses. It will make it easier for consumers to pay in shops and make e-commerce transactions safely and conveniently. It seeks to achieve a fully integrated retail payments system in the EU, including instant cross-border payment solutions. This will facilitate payments in euro between the EU and other jurisdictions. It will promote the emergence of home-grown and pan–European payment solutions.
Legislative proposals on crypto-assets: seizing opportunities and mitigating risks
The Commission has today proposed for the first time new legislation on crypto-assets (a digital representation of values or rights that can be stored and traded electronically). The ‘Regulation on Markets in Crypto Assets’ (MiCA) will boost innovation while preserving financial stability and protecting investors from risks. This will provide legal clarity and certainty for crypto-asset issuers and providers. The new rules will allow operators authorised in one Member State to provide their services across the EU (“passporting”). Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins’) would be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
The Commission is also proposing today a pilot regime for market infrastructures that wish to try to trade and settle transactions in financial instruments in crypto-asset form. The pilot regime represents a so-called ‘sandbox’ approach – or controlled environment – which allows temporary derogations from existing rules so that regulators can gain experience on the use of distributed ledger technology in market infrastructures, while ensuring that they can deal with risks to investor protection, market integrity and financial stability. The intention is to allow companies to test and learn more about how existing rules fare in practice.
Legislative proposals on digital operational resilience: closing the door to cyber attacks and enhancing oversight of outsourced services
Technology companies are becoming more and more important in the area of finance, both as IT providers for financial firms, as well as providers of financial services themselves. Today’s proposed ‘Digital Operational Resilience Act’ (DORA) aims to ensure that all participants in the financial system have the necessary safeguards in place to mitigate cyber-attacks and other risks. The proposed legislation will require all firms to ensure that they can withstand all types of Information and Communication Technology (ICT) – related disruptions and threats. Today’s proposal also introduces an oversight framework for ICT providers, such as cloud computing service providers.
Background
Today’s Digital Finance Package builds on the work carried out in the context of the FinTech Action Plan of 2018 and the work of the European Parliament, European Supervisory Authorities (ESAs) and other experts. While preparing the Digital Finance Package, the Commission engaged with stakeholders and the public in many ways. The Commission organised Digital Finance Outreach events, a series of events with stakeholders that took place in Member States and in Brussels in spring 2020. The Commission had also organised three public consultations to gather feedback from a broad range of stakeholders[1].
In the area of retail payments, the Payment Services Directive 2 (PSD2) was already an important step at legislative level. However, PSD2 will be reviewed in Q4 2021, and adjusted where necessary, in order to support the implementation of the retail payments strategy policies. The Commission had also published a public consultation for a Retail Payments Strategy for Europe in the first semester of 2020. The Commission took into account the responses to the consultation when shaping the EU actions in the area of retail payments.
Compliments of the European Commission.
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European Commission President Ursula von der Leyen today mapped out in her first annual State of the Union address, a path for the European Union to overcome the fragility laid bare by the coronavirus crisis and build a union of vitality.
The 2020 State of the European Union debate came at a time of uncertainty with the coronavirus pandemic still affecting all aspects European and global economies and societies. The pandemic has simultaneously shown both the fragility of the global system and the importance of cooperation to tackle collective challenges: “Because this was a global crisis we need to learn the global lessons”.
Von der Leyen underlined that Europe has a once in a lifetime opportunity to make change happen by design with NextGenerationEU and that Europe “has the vision, the plan, the investment” it takes to do so. To enable Europe to become green, digital and more resilient, the European Commission will focus on (see here for main initiatives in more detail):

Protecting lives and livelihoods in Europe, the health of our citizens and the stability of our economy;
Reinforcing the building blocks of the European Green Deal and raising our ambitions – Von der Leyen announced during her address, that the Commission is proposing an increase in reduction of emissions to 55%;
Leading the digital transformation, particularly on data, technology and infrastructure;
Making the most of our single market;
Continuing to rally global response as the world awaits an accessible, affordable and safe vaccine against COVID-19;
Taking a new approach to migration, remaining vigilant on the rule of law and building a union where racism and discrimination have no place;
Responding more assertively to global events and deepening our relations with EU’s closest neighbours and global partners.

Regarding the Union’s tasks on the global scale and as global actor, President Von der Leyen called for the revitalisation and reform of the multilateral system, including the UN, WTO and WHO. “It is with a strong United Nations that we can find long-term solutions for crises like Libya or Syria. It is with a strong World Health Organisation that we can better prepare and respond to global pandemics or local outbreaks – be it Corona or Ebola. And it is with a strong World Trade Organisation that we can ensure fair competition for all. But the truth is also that the need to revitalise and reform the multilateral system has never been so urgent. Our global system has grown into a creeping paralysis. Major powers are either pulling out of institutions or taking them hostage for their own interests. Neither road will lead us anywhere. Yes, we want change. But change by design – not by Destruction of the International system. And this is why I want the EU to lead reforms of the WTO and WHO so they are fit for today’s world. But we know that multilateral reforms take time and in the meantime the world will not stop. Without any doubt, there is a clear need for Europe to take clear positions and quick actions on global affairs.”
President Von der Leyen pledged to use Europe’s “diplomatic strength and economic clout to broker agreements that make a difference” on ethical, human rights and environmental issues and that Europe should always “be a global advocate for fairness.”
Von der Leyen also tackled various international issues of current affairs and stressed that Europe must deepen and refine its partnerships with its friends and allies. From revitalising and cherishing the transatlantic alliance to strengthening partnerships with the EU’s closest neighbours.
The President reminded her audience that the decision to open accession negotiations with Albania and North Macedonia was truly historic and that the future of the whole Western Balkans lies in the EU. Von der Leyen also gave her reassurance that “we will also be there for the Eastern Partnership countries and our partners in the southern neighbourhood – to help create jobs and kickstart their economies.”
On Africa, Von der Leyen said that the EU-African partnership is a partnership of equals, where both sides share opportunities and responsibilities. “Africa will be a key partner in building the world we want to live in – whether on climate, digital or trade,” she said.
Regarding Turkey, she said that the country is and will always be an important neighbour. She pointed out that “while we are close together on the map, the distance between us appears to be growing. Yes, Turkey is in a troubled neighbourhood. And yes, it is hosting millions of refugees, for which we support them with considerable funding. But none of this is justification for attempts to intimidate its neighbours.”
“The relationship between the European Union and China is simultaneously one of the most strategically important and one of the most challenging we have”, Von der Leyen elaborated with view to EU-China relations. “From the outset I have said China is a negotiating partner, an economic competitor and a systemic rival. We have interests in common on issues such as climate change – and China has shown it is willing to engage through a high-level dialogue. But we expect China to live up to its commitments in the Paris Agreement and lead by example.”
On the situation in Belarus, she underlined that the European Union is on the side of the people of Belarus: “We have all been moved by the immense courage of those peacefully gathering in Independence Square or taking part in the fearless women’s march. The elections that brought them into the street were neither free nor fair. And the brutal response by the government ever since has been shameful. The people of Belarus must be free to decide their own future for themselves.”
The President also pledged that the European Commission will put forward a European Magnitsky act and urged Member States to embrace qualified majority voting on external relations “at least on human rights and sanctions implementation.”
As to Europe’s overall approach in international affairs, President Von der Leyen called for Europe “to be a global advocate for fairness” and she stressed that “if Europe is to play this vital role in the world – it must also create a new vitality internally.”
Compliments of the European Union External Action Service.
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Smarter and standardised reporting procedures proposed to reduce banks’ reporting costs
Banking industry involvement in improving procedures needed

The European Central Bank (ECB) today published the European System of Central Banks’ (ESCB) input into a European Banking Authority (EBA) feasibility report on reducing the reporting burden for the European banking industry. Under Article 430c of the Capital Requirements Regulation (CRR), the European Parliament and the Council of the European Union mandated the EBA to carry out a feasibility study and requested that input from the ESCB be taken into account.
The ESCB report proposes to reduce the reporting burden for banks in the fields of statistical, resolution and prudential reporting without losing the information content that is indispensable to monetary policy, resolution and supervisory tasks. This can be achieved through:

a common standard data dictionary and common data model for statistical, resolution and prudential information requirements;
smarter procedures, such as harmonised transmission reporting formats, the removal of duplications and improved data sharing between authorities;
increased cooperation between European authorities, and between authorities and the banking industry, to achieve a common standard data dictionary, a common data model and smarter procedures.

These efforts should help to reduce the reporting burden for banks and increase the quality of the data received by authorities. As a result, banks would be able to reduce costs, and authorities could better monitor developments in the banking industry.
Compliments of the ECB.
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Today, the European Commission is proposing an upgrade of the Single European Sky regulatory framework which comes on the heels of the European Green Deal. The objective is to modernise the management of European airspace and to establish more sustainable and efficient flightpaths. This can reduce up to 10% of air transport emissions.
The proposal comes as the sharp drop in air traffic caused by the coronavirus pandemic calls for greater resilience of our air traffic management, by making it  easier to adapt traffic capacities to demand.
Commissioner for Transport, Adina Vălean, declared: “Planes are sometimes zig-zagging between different blocks of airspace, increasing delays and fuel consumed. An efficient air traffic management system means more direct routes and less energy used, leading to less emissions and lower costs for our airlines. Today’s proposal to revise the Single European Sky will not only help cut aviation emissions by up to 10% from a better management of flight paths, but also stimulate digital innovation by opening up the market for data services in the sector. With the new proposed rules we help our aviation sector advancing on the dual green  and digital transitions.”
Not adapting air traffic control capacities would result in additional costs, delays and CO2 emissions. In 2019, delays alone cost the EU €6 billion, and led to 11.6 million tonnes (Mt) of excess CO2. Meanwhile, obliging pilots to fly in congested airspace rather than taking a direct flight path entails unnecessary CO2 emissions, and the same is the case when airlines are taking longer routes to avoid charging zones with higher rates.
The European Green Deal, but also new technological developments such as wider use of drones, have put digitalisation and decarbonisation of transport at the very heart of EU aviation policy. However, curbing emissions remains a major challenge for aviation. The Single European Sky therefore paves the way for a European airspace that is used optimally and embraces modern technologies. It ensures collaborative network management that allows airspace users to fly environmentally-optimal routes. And it will allow digital services which do not necessarily require the presence of local infrastructure.
To secure safe and cost-effective air traffic management services, the Commission proposes actions such as:

strengthening the European network and its management to avoid congestion and suboptimal flight routes;
promoting a European market for data services needed for a better air traffic management;
streamlining the economic regulation of air traffic services provided on behalf of Member States to stimulate greater sustainability and resilience;
boosting better coordination for the definition, development and deployment of innovative solutions.

Next Steps
The current proposal will be submitted to the Council and the Parliament for deliberations, which  the Commission hopes will be concluded without delay.
Subsequently, after final adoption of the proposal, implementing and delegated acts will need to be prepared with experts to address more detailed and technical matters.
Background
The Single European Sky initiative was launched in 2004 to reduce fragmentation of the airspace over Europe, and to improve the performance of air traffic management in terms of safety, capacity, cost-efficiency and the environment. A proposal for a revision of the Single European Sky (SES 2+) was put forward by the Commission in 2013, but negotiations have been stalled in Council since 2015. In 2019, a Wise Person’s Group, composed of 15 experts in the field, was set up to assess the current situation and future needs for air traffic management in the EU, which resulted in several recommendations. The Commission then amended its 2013 text, introducing new measures, and drafted a separate proposal to amend the EASA Basic Regulation. The new proposals are accompanied by a Staff Working Document, presented today.
Compliments of the European Commission.
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Bonds with coupons linked to sustainability performance targets to become eligible as central bank collateral
Potential eligibility also for asset purchases under the APP and the PEPP subject to compliance with programme-specific eligibility criteria
Decision applicable from 1 January 2021

The European Central Bank (ECB) has decided that bonds with coupon structures linked to certain sustainability performance targets will become eligible as collateral for Eurosystem credit operations and also for Eurosystem outright purchases for monetary policy purposes, provided they comply with all other eligibility criteria.
The coupons must be linked to a performance target referring to one or more of the environmental objectives set out in the EU Taxonomy Regulation and/or to one or more of the United Nations Sustainable Development Goals relating to climate change or environmental degradation. This further broadens the universe of Eurosystem-eligible marketable assets and signals the Eurosystem’s support for innovation in the area of sustainable finance.
Non-marketable assets with comparable coupon structures are already eligible. The decision aligns the treatment of marketable and non-marketable collateral assets with such coupon structures.
The decision applies from 1 January 2021.
Compliments of the ECB.
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The European Commission has today adopted a time-limited decision to give financial market participants 18 months to reduce their exposure to UK central counterparties (CCPs).
A CCP is an entity that reduces systemic risk and enhances financial stability by standing between the two counterparties in a derivatives contract (i.e. acting as buyer to the seller and seller to the buyer of risk). A CCP’s main purpose is to manage the risk that could arise if one of the counterparties defaults on the deal. Central clearing is key for financial stability by mitigating credit risk for financial firms, reducing contagion risks in the financial sector, and increasing market transparency.
The heavy reliance of the EU financial system on services provided by UK-based CCPs raises important issues related to financial stability and requires the scaling down of EU exposures to these infrastructures. Accordingly, industry is strongly encouraged to work together in developing strategies that will reduce their reliance on UK CCPs that are systemically important for the Union. On 1 January 2021, the UK will leave the Single Market. Today’s temporary equivalence decision aims to protect financial stability in the EU and give market participants the time needed to reduce their exposure to UK CCPs.
Valdis Dombrovskis, Executive Vice President for an Economy that Works for People said: “Clearing houses, or CCPs, play a systemic role in our financial system. We are adopting this decision to protect our financial stability, which is one of our key priorities. This time-limited decision has a very practical rationale, because it gives EU market participants the time they need to reduce their excessive exposures to UK-based CCPs, and EU CCPs the time to build up their clearing capability. Exposures will be more balanced as a result. It is a matter of financial stability.”
Background
On the basis of an analysis conducted with the European Central Bank, the Single Resolution Board and the European Supervisory Authorities, the Commission identified that financial stability risks could arise in the area of central clearing of derivatives through CCPs established in the United Kingdom (“UK CCPs”) should there be a sudden disruption in the services they offer to EU market participants. This was addressed in the Commission Communication of 9 July 2020, where market participants were recommended to prepare for all scenarios, including where there will be no further equivalence decision in this area.
Compliments of the European Commission.
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The European Economic and Social Committee (EESC) has adopted the opinion Decent minimum wages across Europe following the European Parliament’s request for an exploratory opinion. The request was made after the Commission announced that it was considering proposing a legal instrument to ensure that every EU worker is entitled to a minimum wage allowing a decent standard of living.
Figures show that about one in ten workers in the EU earn around or below the national statutory minimum wage. In some countries, the existing minimum wage floors are currently not sufficient for workers to be lifted out of poverty by employment alone. The EESC said in the opinion that it remained concerned that poverty in general and in-work poverty were still significant problems in many Member States. At the same time, it emphasised that high-quality employment continues to be the best route out of poverty.
In its view, fair minimum wages could help reduce poverty among working poor people, combined with person-centred, integrated and active inclusion policies. They could also help meet a number of EU objectives, such as achieving upward wage convergence, improving social and economic cohesion and eliminating the gender pay gap. Women currently account for the majority of low-wage earners, together with other vulnerable groups, such as older workers, young people, migrants and workers with disabilities. Wages represent payment for work done, and are one of the factors that ensure mutual benefits for companies and workers. They are linked to the economic situation in a country, region or sector. Changes may have an impact on employment, competitiveness and macro-economic demand.
The EESC said that it recognises concerns regarding possible EU action in this area and does not underestimate the complexities of the issues involved. It acknowledges that the Commission will have to adopt a balanced and cautious approach.
It therefore stresses that any such EU initiative must be shaped on the basis of an accurate analysis of the situation in the Member States, and must fully respect the social partners’ role and autonomy, as well as the different industrial relations models. It is also essential that any EU initiative safeguards the models in those Member States where the social partners do not consider statutory minimum wages to be necessary, notably those where wage floors are set through collective bargaining.
When setting statutory minimum wages, timely and appropriate consultation with social partners is important to ensure that the needs of both sides of industry are taken into account. The EESC regrets that, in some Member States, the social partners are not adequately involved or consulted in statutory minimum wage setting systems or adjustment mechanisms.
However, the three groups within the EESC, representing the EU’s employers, trade unions and civil society organisations, have divergent views on the way ahead.
Rapporteur of the opinion, Stefano Mallia (Employers’ Group), said: The COVID-19 crisis has caused and continues to cause huge economic losses, which will inevitably take a huge toll on businesses. Minimum wages is a sensitive subject that must be approached in a manner that fully takes into account economic consequences and the division of competences between the EU and the Member States, and that respects the specific features of national minimum wage setting and collective bargaining systems. The Employers’ Group believes that the EU has no competence over pay, and pay levels in particular, and that setting minimum wages is a national matter, done in accordance with the specific features of respective national systems. Any misguided action on the part of the EU must be avoided, especially at this particular point in time. Where social partners need support, we should look into addressing specific needs by promoting exchanges of best practices and capacity-building and not fall into the trap of coming up with a one-size-fits all approach that could have serious negative consequences.
Rapporteur of the opinion, Oliver Röpke (Workers’ Group), said:  This opinion comes at an opportune moment for the European Union and I’m very pleased that the EESC can contribute to the discussion on minimum wages in Europe. The COVID-19 crisis has again thrown a spotlight on the dramatic inequalities in our labour markets and in society, not least the severe income and job insecurity felt by far too many working people. Ensuring that workers across the EU benefit from decent minimum wages must be an essential part of the EU’s recovery strategy. For the Workers’ Group, it is undisputable that all workers should be protected by fair minimum wages allowing a decent standard of living wherever they work. Collective bargaining remains the most effective way of guaranteeing fair wages and must also be strengthened and promoted in all the Member States. We therefore welcome the Commission’s recognition that there is scope for EU action to promote the role of collective bargaining in supporting minimum wage adequacy and coverage.
President of the study group which drafted the opinion, Séamus Boland (Diversity Europe Group), said: I believe this opinion will provide a high level of value to the many discussions across all EU Member States on the subject of minimum wages. It asserts the value of social partnerships as well as ensuring that all relevant stakeholders are included. The opinion emphasises the need to guarantee proper dignity and respect for all workers, especially those employed in lower paid jobs in our economy. I believe that the EESC can be proud of the work done in completing this opinion and I encourage all stakeholders to read it.
Background
The Commission launched the first phase of the social partner consultations in January 2020, setting out a number of ways in which EU action could prove beneficial in enabling all EU workers to earn a living wage.
In June 2020, the second-phase consultations were launched, with the Commission spelling out the policy objectives of a possible initiative: ensuring that all workers in the EU are protected by a fair minimum wage which provides them with a decent standard of living wherever they work. At the same time, the Commission said that access to employment would be safeguarded and the effects on job creation and competitiveness taken into account.
While preparing the opinion, the EESC held virtual consultations with stakeholders from five countries, chosen on the basis of their minimum wage setting mechanisms, which are included as annexes to the opinion. The stakeholders were sent a survey, the results of which were also included in the opinion. The EESC also held a virtual public hearing which included contributions from Commissioner for Jobs and Social Rights Nicolas Schmit, several MEPs and members of some of Europe’s top network organisations representing employers, workers and other civil society organisations, such as BusinessEurope, the European Trade Union Confederation (ETUC) and Social Platform.
Compliments of the European Economic and Social Committee.
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The European Union Intellectual Property Office (EUIPO) and EBAN, the Europe leading early-stage investors network, have signed a collaboration agreement to promote and encourage activities and services that support small and medium enterprises (SMEs).
Both organisations play an essential and complementary role in their shared vision to empower EU SMEs within the EU and beyond. Business angels are a significant driver of the innovation process in the EU start-up ecosystem and IP rights have long been recognised in the success of start-ups and innovative SMEs, giving its holder a competitive advantage in a global market.
EBAN, with over 150-member organisations in more than 50 countries today, represents a sector estimated to invest 11.4 billion Euro a year, comprising 260.000 angel investors, and playing a vital role in Europe’s future, notably in the funding of SMEs.
The EUIPO is the European agency responsible for managing registrations of the EU trade mark and the registered Community design valid in all EU member states. The EUIPO has recently launched its ‘Ideas Powered for business’ hub with made to measure information for SMEs as well as the possibility to sign up for free personalised legal advice on their intellectual property questions.
This collaboration allows the EUIPO, in line with its SME Programme and Strategic plan 2025, to reach out to SMEs in particular start-ups and entrepreneurs, with the help of EBAN who are in an ideal position to promote the importance of protecting innovation via Intellectual Property rights (trade marks, patents, designs, etc.) at the right moment in the SME business lifecycle. Furthermore, business angels and start-ups will benefit from the knowledge, tools and resources on IP for supporting sound decision making.
This agreement covers activities such as promoting the protection of innovation and creativity among SMEs and start-ups, training on Intellectual Property, participation in events, as well as sharing content on IP and the business angel financial sector on the respective websites.
Compliments of the European Union Intellectual Property Office.
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