Activities > WWWforEurope Activities 2014 > Meeting with EU Commissioner Barnier

EU Commissioner Michel Barnier and WWWforEurope Co-ordinator Karl Aiginger (WIFO)(click to enlarge) © Austrian Federal Ministry of Economy, Family and Youth


EU Commissioner Michel Barnier and WWWforEurope Co-ordinator Karl Aiginger (WIFO)(click to enlarge) © Austrian Federal Ministry of Economy, Family and Youth

Reforms in the Financial Sector Pressing

In January 2014, European Commissioner for Internal Market and Services Michel Barnier paid a visit to Vienna to advocate for a deeper connection of the European internal markets. During his stay Commissioner Barnier participated in an event on crowdfunding organised by the Austrian Federal Ministry of Science, Research and Economy, and attended by Federal Minister Reinhold Mitterlehner. At this event Michel Barnier met with WWWforEurope coordinator Karl Aiginger, who presented him the WWWforEurope Policy Brief on reforms of European governance to solve the crisis and beyond.

Karl Aiginger especially stressed the need for reforms in the financial sector. The banking system as a whole has to be stabilised. Therefore a fast and comprehensive implementation of a European Banking Union is called for. A second problem is the instability of the financial sector caused by extremely short-termed financial transactions. The speed of financial transactions has to be slowed down without hindering financing of the real economy. One idea among others worth discussing is a financial transaction tax limiting speculation. Thirdly, the problem of especially small and medium enterprises accessing adequate and affordable funding has not been solved yet – notwithstanding the reduction in the ECB interest rate. Crowdfunding might be one way of alternative financing, albeit it has to be controlled and transparent so as not to create new instabilities.