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Access to finance / financial affairs

Access to finance on reasonable terms is a pre-condition for companies making the investment necessary to drive growth and maintain competitiveness. Finance needs to be available through multiple channels in order to both provide stability and meet the different financing needs of companies of all sizes, notably SMEs. The lack of access to finance poses limits to businesses operating at their full potential, reduces investment and diminishes growth prospects.

A failure to properly balance stability and growth considerations regarding financial regulation risks becoming an increasing constraint as businesses demand for finance picks up with the economy.

Improvements in the supply of finance are expected in the upcoming months due to improved capital and liquidity position of European banks. But we remain concerned that overly burdensome financial regulation is likely to be an obstacle to the supply of finance. On the demand side, our survey indicates that we are seeing an increase in business intentions to invest both in industry and in services. But as the recovery gradually starts to take hold we will need to ensure we have begun to address the issues of access to finance as companies start to want to take their investment projects forward. We therefore believe the European Commission’s consultation to build a Capital Markets Union is extremely timely.

Overall, we believe there are five key areas under which EU policy-makers need to take action to create a Capital Markets Union:

  • Improve information flows regarding growth prospects for small and medium-sized companies;
  • Ensure that financial regulation finds the right balance between improving financial stability and supporting investment;
  • Develop alternatives to bank finance;
  • Restore confidence in securitisation;
  • Promote tax systems which support equity-financed investment.

In addition, as part of its broader investment plan, the EU needs to unlock alternatives to bank finance and improve the business environment.

Publications

Public letters Date
Cross-border payments - Letter from Markus J. Beyrer to MEP Roberto Gualtieri 10/07/2018
European Commission Technical Expert Group on Sustainable Finance - Letter from Markus J. Beyrer to Olivier Guersent 26/06/2018
The European Market Infrastructure Regulation (EMIR) - Letter from Markus J. Beyrer to MEP Werner Langen 10/04/2018
Packaged retail and insurance-based investment products (PRIIPs) - Letter from Markus J. Beyrer to the European Insurance and Occupational Pensions Authority 22/03/2018
Non-performing loans — Addendum to the ECB Guidance - Letter from BusinessEurope Director General Markus J. Beyrer to Danièle Nouy Chair of the ECB Supervisory Board of the Single Supervisory Mechanism 28/11/2017
Capital requirements - Letter from Markus J. Beyrer to European Commission Vice-President Valdis Dombrovskis 02/10/2017
Capital Markets Union: mid-term review - Letter from Markus J. Beyrer, Director General BusinessEurope to Valdis Dombrovskis, Vice-President of the European Commission 14/03/2017
The European Market Infrastructure Regulation (EMIR) - Letter from Markus J. Beyrer, Director General BusinessEurope to Valdis Dombrovskis, Vice-President of the European Commission 25/01/2017
Basel III Capital Framework - Letter from BusinessEurope President Emma Marcegaglia to Mario Draghi, President of the European Central Bank 30/11/2016
International prudential rules for banks: Basel Committee - Letter from Markus J. Beyrer, Director General BusinessEurope to Valdis Dombrovskis, Vice-President of the European Commission 29/07/2016
Capital requirement rules: SME supporting factor - Letter from Markus J. Beyrer to Commissioner Lord Jonathan Hill 13/06/2016
Securitisation - Letter from Markus J. Beyrer to MEP Paul Tang ahead of the 13 June meeting of the European Parliament Committee on Economic and Monetary Affairs 07/06/2016
Basel III proposal for revised standardised approach for credit risk - Subordinated debt, equity and other capital instruments - Letter from Markus J. Beyrer to Lord Jonathan Hill 07/03/2016
Financial regulation: call for evidence - Letter from Markus J. Beyrer to Lord Jonathan Hill 09/02/2016
EMIR Risk mitigation margining requirements for non-centrally cleared OTC derivatives: variation margin phase in for NFC+ - Letter from Markus J. Beyrer to Commissioner Lord Hill 28/01/2016
Capital requirement rules (CRR and CRD IV) - Letter from Markus J. Beyrer to Commissioner Lord Jonathan Hill 25/11/2015
Use of derivatives for risk mitigation: proposed changes to EMIR - Letter from Markus J. Beyrer to Commissioner Lord Jonathan Hill 30/09/2015
Capital Markets Union - Letter from Markus J. Beyrer to European Commission Lord Hill 13/05/2015
Implementation of the Markets in Financial Instruments Directive II / Regulation (MiFID II) - Letter from Markus J. Beyrer to Commissioner Jonathan Hill 21/04/2015
Regulation on money market funds - Letter from Markus J. Beyrer to European Commissioner Jonathan Hill 13/04/2015
Own funds/capital requirement rules (CRD IV/CRR) and securitisation - Letter from Markus J. Beyrer to Commissioner Michel Barnier 19/03/2014
Crowdfunding - Letter from Markus J. Beyrer to Commissioner Michel Barnier 24/02/2014
Towards a European banking union - Letter from Markus J. Beyrer to MEP Sharon Bowles 24/02/2014
Forthcoming proposals to reform the structure of the EU banking sector - Letter from Markus J. Beyrer to Commissioner Michel Barnier 27/01/2014
A full banking union is essential to boost investors' confidence, strengthen growth and create jobs - BusinessEurope message to the European Council meeting on 19-20 December 2013 09/12/2013
Discussions on the Markets in Financial Instruments Directive II / Regulation (MiFID/MiFIR) - Letter from Markus J. Beyrer to Commissioner Michel Barnier 02/12/2013
Fast decision needed on the new SME Finance Initiative - letter sent to Mr Rimantas Sadzius, President of the ECOFIN Council 11/10/2013
Green Paper on long-term financing of the European economy - Letter from Markus J. Beyrer, BusinessEurope's Director General, to Commissioner Barnier and BusinessEurope's comments 25/06/2013
MiFID II / MiFIR - Letter from Philippe de Buck to Vassos Chiarly, President of the Economic and Financial Affairs Council 05/12/2012
Implementation of the Basel III prudential rules for banks - Letter from Philippe de Buck to Commissioner Michel Barnier 26/11/2012
ESMA draft regulatory technical standards in the area of over-the-counter (OTC) derivatives markets - Letter from Philippe de Buck to Commissioner Michel Barnier 22/10/2012
Proposals for revision of the capital requirement rules (CRD IV/CRR) - Letter from Philippe de Buck to Vassos Shiarly, President of the Ecofin Council 08/10/2012
Consultation on the draft communication on short-term export-credit insurance - Letter from Philippe de Buck to Commissioner Joaquin Almunia 23/07/2012
Joint industry communication on international trade and capital requirements directive IV 23/05/2012
Proposals for revision of the capital requirement rules (CRD IV / CRR) - Letter from Philippe de Buck to the members of the European Parliament Committee on Economic and Monetary Affairs 11/05/2012
Unintended consequences of Basel III and CRD IV on trade finance - Letter from Philippe de Buck to MEP Sharon Bowles, Chair of the EP Economic and Monetary Affairs Committee 26/03/2012
OTC derivatives and credit valuation adjustment risk - Letter from Philippe de Buck to Commissioner Michel Barnier 03/02/2012
Central counterparty clearing and the derivatives proposal (EMIR) - Letter from Philippe de Buck to MEP Werner Langen 03/10/2011
A new European regime for venture capital - Letter from Philippe de Buck to Commissioner Michel Barnier 16/08/2011
Liquidity ratios - Letter from BusinessEurope and the European Banking Federation to Commissioner Michel Barnier 16/05/2011
Short selling and credit default swaps - Letter from Philippe de Buck to members of the EP Economic and Monetary Affairs Committee 10/02/2011
Position papers Date
The capital requirements directive and regulation - BusinessEurope position paper on the Commission proposal 24/04/2018
European supervisory authorities review - BusinessEurope position on the Commission proposal (omnibus regulation) 26/02/2018
Cross-border payments in the EU - a BusinessEurope position paper 16/02/2018
The European market infrastructure regulation (EMIR) - a BusinessEurope position paper 20/09/2017
The Operations of the European Supervisory Authorities 16/05/2017
Capital Markets Union: securitisation 30/03/2017
Capital Markets Union - Securitisation 03/08/2016
Capital Markets Union - BusinessEurope reply to the European Commission consultation 13/05/2015
Reforming the structure of the EU banking sector - BusinessEurope position paper on the Commission proposal for a regulation on structural measures improving the resilience of EU credit institutions 05/12/2014
Markets in financial instruments directive (MiFID II), Markets in financial instruments regulation (MiFIR) - a BusinessEurope position paper 21/10/2014
Shadow banking - BusinessEurope position paper on the Commission Green Paper 13/07/2012
Markets in financial instruments directive (MiFID) - a BusinessEurope position paper 27/06/2012
Access to finance for SMEs: the Commission action plan and policy challenges ahead - a BusinessEurope position paper 13/06/2012
Reforming the structure of the EU banking sector - a BusinessEurope position paper 11/06/2012
OTC derivatives: regulatory technical standards - a BusinessEurope position paper 16/05/2012
Insider dealing and market manipulation - BusinessEurope comments 16/05/2012
Credit rating agencies - BusinessEurope position paper on the proposal for a regulation 07/03/2012
Commission proposals for revision of the capital requirements directive - BusinessEurope position on CRD IV 04/11/2011
Global impact of Basel III and Solvency II on the financing of enterprises 31/03/2011
OTC derivatives - a BusinessEurope position paper 16/02/2011
Markets in financial instruments directive (MiFID) review - BusinessEurope response to the Commission consultation 16/02/2011
Press releases Date
Capital Markets Union: proposals will contribute to investment-led growth 30/09/2015
Capital Markets Union consultation: Translate initiatives into concrete steps to boost investment 18/02/2015
BusinessEurope welcomes deal on single resolution mechanism 20/03/2014
Progress on the banking union is crucial for companies' access to finance - BusinessEurope's press release 10/07/2013
Speeches Date
The challenge of financing business - Address by President Jürgen R. Thumann at EBF conference "Banks for growth" 20/03/2013
Banks' capital requirements and SMEs - Speaking notes for Daniel Cloquet in European Parliament SME Intergroup meeting 20/03/2012
Reports and studies Date
Companies' access to finance: a European action plan 27/03/2009

Contact

Erik Berggren

Senior Adviser
Tel:
+32 2 237 65 55
Last updated: 20 September 2018