19 April 2024

EuropeanIssuers Welcomes Enrico Letta’s High-Level Report on the Single Market

EuropeanIssuers advocates, in accordance with the Report, for greater emphasis to be placed on the implementation of the proposals drafted by the ending legislative cycle. In synergy with a swift achievement of the Capital Markets Union...

EuropeanIssuers welcomes the highly anticipated release of the High-Level Report on the Single Market drafted by Enrico Letta, President of the Jacques Delors Institute and former Prime Minister of Italy.

In this context, EuropeanIssuers is glad to have contributed to the Report by providing input gathered from its Members. On 20 December2023, Mr Letta joined the Advisory Council, organised in collaboration with Assonime General Counsel, where he met CEOs and high-level personalities from Large-listed companies within our Membership. Additionally, EuropeanIssuers co-signed the ERT Joint Statement on Single Market Barriers and supplied evidence to the Compendium on Single Market Obstacles, which provided direct input to Enrico Letta’s Report.

EuropeanIssuers shares the concerns highlighted in the Report with respect to the widening gap between the EU and the United States in GDP terms, and is confident that the reinforcement of the Single Market would enable innovation, safeguard consumers’ interest,  notably completing the Capital Markets Union in the EU to bridge the gap.

We appreciate the conceptualisation of the Single Market as an enabler for growth and competitiveness of large EU companies on the world stage. Furthermore, we praise the mention in the document of the issue of excessive administrative burdens faced by companies. EuropeanIssuers, in parallel with Mr Letta, warns that overlapping legislation, the duplication of requirements, and gold-plating contribute in rendering other jurisdictions more attractive for EU companies to the detriment of the Single Market. In addition, we stress that the divergence in legal framework enhance the difficulty in undertaking cross-border business activities.

In such respect, as mentioned in the Key Messages for the European Elections, we advocate for an approach rooted in proportionality, pragmatism, and coherence as regards specific regulatory obligations and their implementation.

We also acknowledge the necessity of bolstering EU own resources and of increasing EU-level funding via a greater contribution from Member States to ensure the financing of innovation and transition.

To conclude, EuropeanIssuers advocates, in accordance with the Report, for greater emphasis to be placed on the implementation of the proposals drafted by the ending legislative cycle. In synergy with a swift achievement of the Capital Markets Union, a fully-fledged Single Market will allow companies, small and large ones, listed and non-listed ones, to thrive, producing enormous benefits for EU’s economic growth and wealth.

EuropeanIssuers and its Members remain engaged in further delving into the Report, in order to explore further areas of convergence and offer a more in-depth assessment.

European Issuers

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