Single market news. #69, 2014.
Date: 2014-07-22
Institutions: Directorate-General for the Internal Market and Services
Subjects: banking policy, serial publication, single market, trade policy

ISSN 1830-5210

2014

#69
SINGLE MARKETnews

8

Long-term financing for 
sustainable economic growth

11

Stronger shareholder 
engagement: “say on pay” for 
Europe’s largest companies

12

 New Directives on 
public procurement  
and concessions

 The creation of  
 a Banking Union: 
 Europe is living up to  
 its commitments 

Internal Market 
and Services

2

 Contents 

                              Contents 

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4   

6   

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11 

12 

13 

Editorial

 The creation of a Banking Union: Europe is living up  
to its commitments

 Modernised rules for professionals to get 
their qualifications recognised abroad

  Long-term financing for sustainable economic growth

 Stronger shareholder engagement through  
new “say on pay” for Europe’s largest companies

 New Directives on public procurement and concessions

 SOLVIT comes to the rescue!  
An easy-to-use system to defend your rights  
in the EU’s Single Market

14 

Infringements 

Editor 
Henning Arp

European Commission – Internal Market and 

Services DG

Unit A4

B-1049 Brussels

Tel: +32 22957310

Fax: +32 22954351

Deputy Editor
Nora Allavoine

Tel: +32 22987522 

Fax: +32 22954351

Online
ec.europa.eu/internal_market/smn/

European Commission, 2014

Reproduction is authorised provided 

the source is acknowledged

For further information:

ec.europa.eu/internal_market/index_en.htm

Your Europe:

youreurope.eu

Photographs for this edition were supplied by
Cover © msworld - Fotolia.com;

Inside pages  

© EU: p. 6, p. 13;

© Fotolia: p. 4, p.10;

© PhotoAlto: p. 8;

© Shutterstock: p. 12.

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                                Editorial 

SINGLE MARKET news

3

this engagement; it is by hearing the views 
of those who will be directly concerned by EU 
policies that we can best target those policies.

In order to put Europe back on track – and to act on the 
true causes of voter discontent – our focus needs to be 
on promoting growth in the economy. This is the aim 
of the Communication on long-term financing that we 
published in March. Unblocking sources of financing will 
be instrumental in getting the economy moving again.

The economy will also benefit from a free and fair 
Transatlantic Trade and Investment Partnership 
(TTIP), on which negotiations continue. The EU and 
US agree that the agreement’s main added value will 
be if it can reduce regulatory friction between our 
two territories. We in Europe continue in particular 
to push hard for regulatory cooperation on financial 
services to be included in the TTIP so that our rules 
are implemented in a coherent and consistent way, 
and for better market opening in public procurement.

Jonathan Faull 
Director General for Internal Market and Services

Keep up with our latest news and subscribe to 
Single Market Monthly:  
https://webgate.ec.europa.eu/markt/mpm/index.cfm

T his is a time of political change, as the European 

Parliament elections showed us. Yet we at the 
Commission continue to work at full speed to 
implement the current policy priorities – policies that 
were put in place in order to respond to the financial 
crisis that has bred so much popular dissatisfaction. 

The ECB and EBA asset quality reviews and stress 
tests for banks are underway, and will give the public 
greater confidence in the strength of European banks. 
The coming months will see the ECB assuming its full 
role as supervisor for banks in the Banking Union in 
November, while the Single Resolution Board is also 
being set up. Both institutional roles will mean stronger 
supervision of banks’ activities, and more orderly 
winding up of any failing banks – all with the aim of 
protecting people’s savings, and sparing taxpayers from 
having to bail out banks, as happened in recent years. 

Europeans are also getting involved in our policy-
making as never before: there were over 10 000 
replies to our recent consultation on the EU 
copyright rules, an incredible number. I welcome 

4
4

 The creation of a Banking Union:  
 Europe is living up  
 to its commitments 

The Banking Union is another brick 
in the foundations of the Economic 
and Monetary Union (EMU), 
agreed to by EU Heads of State and 
Government in June 2012. It will strengthen financial integration, deepen the EMU and 
restore confidence in the financial sector. It will help to minimize costs to taxpayers and 
increase financial stability, thereby contributing to economic recovery. The Banking Union is 
a common framework covering all participating countries (euro-area members plus all other 
signatories), which implies that banks in those countries will be supervised by the European 
Central Bank, and that the restructuring of failing banks will be managed effectively through 
a Single Resolution Board and a Single Resolution Fund, financed by the banking sector.

Why a Banking Union?
The 2008 global financial crisis revealed significant 
issues in the EU financial sector, such as the lack of 
effective supervision, risks of contagion between EU 
banks and worldwide banks, and the exposure to 
sovereign debt. Banks failed because of excessive risk-
taking, and taxpayers saw themselves footing the bill 
when banks failed. 

To respond to the crisis, the EU, together with its 

international partners in the G20, took a broad set of 
measures to strengthen the stability and resilience of its 
financial system. The creation of the Banking Union was 
part of this package. 

How does it work?
All EU Member States can sign up to the Banking Union; 
for euro area Member States it is mandatory. All EU 
Member States will have to comply with a single set of 
rules for supervision and resolution (as set out in the EU 

 The creation of a Banking Union:  

 Europe is living up  

 to its commitments 

SINGLE MARKET news

5

directives on capital requirements and bank resolution). 
The difference between those "in" and those "out" will be 
that the banks belonging to the Member States outside 
the Banking Union are not going to be supervised or 
resolved by the single European authority.

significant banks in the euro area before it fully assumes 
its role as Single Supervisor. The objective of this 
comprehensive assessment – which is currently ongoing 
- is to establish a stable and resilient banking sector 
under the supervision of the ECB.

The two pillars of the Banking Union – single supervision 
and resolution – will complement and reinforce each 
other: Better supervision will reduce the need for 
resolution, while effective resolution will allow for more 
credible supervision. It is therefore essential to establish 
both pillars before the Banking Union can become fully 
operational.

At this stage, the single supervision pillar is nearly there: 
the regulations entered into force in November 2013, 
and the ECB is expected to fully assume its role as the 
Single Supervisor this November. The Single Resolution 
Mechanism will be in place on the 1st of January 2015. 

Single Supervision Mechanism
Part of the Banking Union is the Single Supervision 
Mechanism (SSM). The SSM gives key supervisory 
tasks to the European Central Bank (ECB), making it 
responsible for overseeing all banks in the euro area and 
in participating Member States. However – for reasons of 
practicality and efficiency – it will only directly supervise 
the significant banks (around 130 banks). All remaining 
banks will fall under the supervisory remit of national 
authorities. The ECB will, however, give general guidance 
to ensure consistency and has the right to include any 
bank under its direct supervision.

Although the SSM is only mandatory for euro-area 
Member States, non-euro area Member States can also 
choose to participate in the SSM, by establishing a close 
cooperation with the ECB. The European Banking Authority 
– one of the three European supervisory authorities 
established in 2011– will provide common guidance to 
banks both inside and outside the Banking Union, as well 
as perform binding mediation in case of disputes.

In accordance with the SSM Regulation, the ECB is under 
obligation to conduct a comprehensive assessment of 

Single Resolution Mechanism
The Bank Recovery and Resolution Directive (BRRD) will 
enter into force in January 2015 and will introduce a 
common framework for resolution of banks at national 
level. The rules – applicable to all EU Member States – 
will, among other things, require banks to ensure that 
their losses are first borne by shareholders and creditors 
(“bail-in”). Bail-in provisions will enter into force in 
January 2016 at the latest.

The Single Resolution Mechanism (SRM) is fully 
consistent with the already adopted BRRD. It will 
assign the decision making authority for supervision 
and resolution at European level. The SRM envisages 
the creation of an EU centralised resolution authority 
– the Single Resolution Board (SRB) - and the Single 
Resolution Fund (SRF). The SRF will be used in cases 
where additional financial resources are required to 
resolve a bank, if it fails to raise sufficient capital in the 
market and after it has written down (or “bailed-in”) its 
equity and debt. The SRF will be funded by contributions 
from the banking sector, thereby protecting taxpayers’ 
money. It will create a disincentive for banks to run 
excessive risks by establishing a link between the bank’s 
risk profile and the amount that banks will have to 
contribute to the SRF. The SRF will be progressively built 
up and mutualised over a transitional period. The SRM is 
expected to enter into force in January 2015.

Banking Union, the result of hard work 
and a spirit of compromise
Thanks to hard work and a spirit of compromise 
demonstrated by both the European Parliament and the 
Member States, the European Parliament completed the 
legislative work underpinning the Banking Union on  
15 April 2014 – less than two years after it was decided 
by EU leaders. Taxpayers will no longer foot the bill when 
banks face difficulties. 

6
6

 Modernised rules for professionals  
 to get their qualifications  
 recognised abroad 

As the working age population in many Member States shrinks, demand for highly skilled 
people is projected to rise by over 16 million jobs1 between now and 2020. If Europe is 
to meet this demand, gaps in labour supply will need to be filled – for example through 
mobile and well-qualified professionals from other EU Member States. They can be a 
key source of growth, but only if they can easily go to where jobs are. This requires their 
qualifications to be recognised in a fast, simple and reliable way in any EU country. 
This is why the Commission proposed a modernisation of the Professional Qualifications 
Directive. This was one of the twelve levers for growth set out in the first Single Market Act 
and was finalised with the entry into force of the amending Directive on 17 January 2014.

 Modernised rules for professionals  

 to get their qualifications  

 recognised abroad 

SINGLE MARKET news

7

What is new in the revised rules?
The modernisation of the Directive improves an 
important number of elements of the existing recognition 
framework: 

benefit from a wider choice of service providers and 
reinforced protection. Employers can more easily and 
more quickly recruit professionals from other Member 
States.

 access to information is made easier and 

professionals will be able to accomplish all 
recognition procedures online; the Directive lays 
the basis for a European professional card (EPC) 
- an online procedure for getting professional 
qualifications recognised and delivering an electronic 
document proving recognition;

What are the next steps?
Member States now have two years to implement the 
changes into their national legislation. In addition, the full 
implementation of certain aspects of the new Directive 
is to be realised by the exercise of the delegated powers 
granted to the Commission and the technical adaptation 
of the Internal Market System. 

 minimum training requirements for professions 
benefitting from automatic recognition of their 
qualifications have been updated and continuous 
professional development is now to be encouraged 
by Member States; 

 the conditions for temporary provision of services 
and the rules governing mutual recognition of 
qualifications have been clarified and simplified;

 the Directive now covers partial access to certain 
professions and recognition of professional 
traineeships;

 patient safety is reinforced, including through 
the clarification of requirements concerning 
professionals’ language competence.

Who benefits from the new 

rules?

The new rules improve the situation 

for all parties: professionals 

benefit from easier and more 

transparent procedures while 

competent authorities benefit 
from better administrative 
cooperation through 
electronic procedures. 
Consumers and patients 

First, the European Professional Card (EPC) will be 
created for those professions that satisfy the criteria 
in the Directive. The EPC forms the main innovative 
element in the modernised Directive and, through an 
increased involvement of the home Member State, it will 
make the recognition process much easier. The first EPC 
is expected to be issued in early 2016.

An alert mechanism has been created for all those 
professions that have patient safety implications or that 
are linked to the education of children. If a professional 
has been banned, even temporarily, from carrying out his 
professional activity in one country, an alert will be sent 
to all other EU countries. The alert mechanism will be 
introduced in parallel with the EPC.

Finally, authorities and professional organisations have 
the right to submit suggestions for Common Training 
Principles to the Commission. This is a new mechanism 
opening the way for an extension of automatic 
recognition to new professions. 

See our leaflet ‘A new professional 
qualifications regime for Europe’:
http://ec.europa.eu/internal_market/
publications/index_en.htm

1  http://www.cedefop.europa.eu/en/Files/3052_en.pdf

8
8

 Long-term financing  
 for sustainable economic growth 

Europe faces large-scale and long-term investment needs in transport, energy and 
telecoms. Significant investment will also be needed in Research & Development, for new 
technologies that meet the EU’s innovation goals for climate and energy. In order to fund 
long-term investment, governments, businesses and households need access to predictable 
long-term financing. This is why the EU is seeking to boost long-term investment – an 
essential action if it is to support sustainable economic growth.

Long-term investment is investment that enhances 
the productive capacity of the economy and drives 
sustainable growth and competitiveness. This includes 
investment in energy, transport and communication 
infrastructures that respond to Europe’s needs, as well 
as investment in Small and Medium Enterprises (SMEs), 
education and research and development. 

However the economic and financial crisis has affected 
the ability of the financial sector to channel funds to the 
real economy, and in particular to long-term investment. 
Europe has always relied heavily on banks financing 
the real economy (In Europe, two-thirds of funding 
comes from banks; in the USA only one-third does). As 
banks are deleveraging, there is reduced funding to all 

sectors of the economy (for example, less than one third 
of Dutch and Greek SMEs and only around half of the 
Spanish and Italian SMEs say they have received the full 
amount of credit they applied for in 2013).

It is essential to act to restore conditions for sustainable 
growth and investment, and that means finding new 
ways to channel funds for long-term investment. The 
Commission’s Green Paper on long-term financing of the 
European economy (March 2013) ignited a broad debate 
and received input from all segments of the economy. 
The Communication that was presented on 27 March 
builds on the responses to that consultation and presents 
a set of actions, as follows:

SINGLE MARKET news

9

 Mobilise private sources of finance. Actions 

include finalising the prudential framework for banks 
and insurance companies, mobilising more personal 
pension savings and exploring ways to foster more 
cross-border flows of savings and explore the merits 
of a possible EU savings account;

 Make better use of public funding by fostering 
national promotional banks and promoting better 
cooperation among existing national export credit 
schemes;

 Develop European capital markets by, for 

example, facilitating SMEs’ access to capital markets 
and to larger investment pools in the context of 
MiFID 2 and the Prospectus Directive. Also by 
creating a liquid and transparent secondary market 
for corporate bonds, reviving securitisation markets 
(with due consideration to the risks as well as to 
the differentiated nature of such products), and 
improving the EU environment for covered bonds 
and private placement;

  Improve SMEs’ access to financing by improving 
credit information, reviving the dialogue between 

banks and SMEs, and assessing best practices to 
help SMEs access capital markets;

  Attract private financing for infrastructure 
by increasing the availability of information on 
infrastructure investment plans, and improving the 
credit statistics on infrastructure loans; and

  Enhance the framework for sustainable 

finance by improving the corporate governance 
regime for long-term financing regarding 
shareholder engagement (this would involve 
revising the Shareholders’ right Directive), employee 
ownership, corporate governance reporting, 
Environmental, Social and Governance (ESG) issues 
and the relationship between fiduciary duties 
and sustainability. Other methods to enhance the 
framework for sustainable finance include the 
use of fair value accounting, and improving the 
broader accounting framework for SMEs. It would 
also be useful to look at taxation and legal issues 
surrounding the debt versus equity tax bias, as 
well as insolvency and cross-border certainty for 
assignment of claims. 

10

SINGLE MARKET news

11

 Stronger shareholder engagement  
 through new “say on pay”  
 for Europe’s largest companies 

On 9 April the European Commission adopted measures to improve the corporate 
governance of around 10,000 companies listed on Europe’s stock exchanges. The proposals 
will boost the competitiveness and long-term sustainability of these companies, and put in 
place key actions that were identified in the Commission’s Communication on the long-
term financing of the European economy.

The Shareholder Rights Directive
The proposal to revise the existing Shareholder 
Rights Directive tackles the shortcomings in corporate 
governance relating to listed companies and their 
boards, shareholders (institutional investors and asset 
managers), intermediaries and proxy advisors (i.e. 
firms providing services to shareholders, notably voting 
advice). Too often, as the financial crisis has shown, 
shareholders supported managers’ excessive short-term 
risk-taking and did not monitor closely the companies 
they invested in.

More involvement of shareholders
These proposals will make it easier for shareholders to 
use their rights over companies and employ those rights 
where necessary. This will help ensure that shareholders 
become more engaged, better hold the management 
of the company to account, and act in the long-term 
interests of the company. A longer-term perspective 
creates better operating conditions for listed companies 
and improves their competitiveness. Key elements of 
the proposal include stronger transparency requirements 
for institutional investors and asset managers on their 
investment. There also will be engagement policies 
for the companies in which they invest as well as a 
framework to make it easier to identify shareholders 
so they can more easily exercise their rights (e.g. voting 

rights), in particular in cross-border situations (44% 
of shareholders are from another EU Member State or 
third country). Proxy advisors will have to become more 
transparent on the methodologies they use to prepare 
their voting recommendations and on how they manage 
conflicts of interests.

“Say on Pay”
In this proposal, a European “say on pay” is introduced 
for the first time. Today, there is an insufficient link 
between management pay and performance and 
this encourages harmful short-term tendencies. The 
new proposals oblige companies to disclose clear, 
comparable and comprehensive information on their 
remuneration policies and how they were put into 
practice. There is no binding cap on remuneration at EU 
level, but each company has to submit its remuneration 
policy to a binding shareholder vote. The policy is going 
to have to include a maximum level for executive 
pay. It will also need to explain how it contributes 
to the long-term interests and sustainability of the 
company. In addition, it will need to explain how the 
pay and employment conditions of the company’s 
employees were taken into account when setting up the 
policy including explaining the ratio between average 
employees and executive pay. 

12
12

 New Directives on public  
 procurement and concessions 

On 28 March, two new directives on public procurement and concessions were published 
in the Official Journal. Answering to a new framework of modernized and streamlined 
rules, public authorities will be able to purchase goods and services for the best quality, at 
the best price and provide better public services to users. 

The publication of the directives marks the highly 
anticipated completion of their adoption process that 
had started in December 2011, when the Commission 
first presented its proposals. Although Member States 
have yet to transpose the guidelines into national law by 
April 2016, the entry into force of these directives is an 
important step towards reviving growth and employment. 
It is one of the objectives of the Single Market Act and 
of the establishment of smart, sustainable and inclusive 
growth under the Europe 2020 strategy.

Small and Medium Enterprises (SMEs) 
benefit
The new public procurement and concession rules will 
make life easier for SMEs – considered as Europe’s 
primary sources for innovation and job creation. They will 
be in a better position to be more innovative and thereby 
create more jobs. A gradual shift towards electronic 
procurement will contribute to the establishment of 
a truly digital market allowing savings of up to EUR 
100 billion per year. The new directives also mean that 
contracting authorities are more equipped to take social 
and environmental considerations into account, putting 
Europe on a path of more inclusive and greener growth.

Social clause
The new rules include a horizontal social clause, which 
will guarantee that public procurement processes 
respect the existing social and environmental rules. 
Social services will benefit from a lighter set of rules 
whereas all the important quality criteria will be 

respected by contracting authorities.

Respecting freedom of choice
The new guidelines for public procurement strike a good 
balance between respecting Member States’ freedom 
of choice and having EU rules necessary to regulate 
competition and transparency. Cooperation between 
public authorities remains in place and is secure. The 
new directive on concessions has adopted a similar 
approach: it fully respects public bodies’ freedom of 
choice in organising and managing public services. For 
concessions, the new legal framework will only apply 
when a public service is delegated to a third party. 

Public-Private partnerships
The new directive on concessions provides greater legal 
certainty with a clear procedural framework that allows 
contracting authorities to attract more private capital to 
finance new infrastructures. Public services of tomorrow 
will also be able to form public -private partnerships. 
Traders will be able to bid for concessions across the EU 
with full transparency and benefit from equal treatment.

The challenge remaining is to make the new rules fully 
operational so that they can deliver the expected results. 

See our leaflet ‘New rules on public 
contracts and concessions – Simpler 
and more flexible’:
http://ec.europa.eu/internal_market/
publications/index_en.htm

SINGLE MARKET news

13

 SOLVIT comes to the rescue!  
 An easy-to-use system to defend  
 your rights in the EU’s 
 Single Market 

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Imagine you have found the job of your dreams 
in another EU country but have been blocked 
from taking it because authorities have not yet 
officially recognised your qualifications, even 
though you put in your request over a year ago. 
Or that you provide services abroad and all 
of a sudden you are told you cannot continue, 
because your company is not registered there. What 
if you have been taken into hospital during your 
holidays abroad and the hospital did not accept your 
EHIC card so you ended up paying the full bill?

Such problems occur when EU Member States’ 
authorities do no correctly apply the rules of the single 
market. If you have been in a situation like that, do not 
give up on your rights: SOLVIT can help. 

SOLVIT assesses whether or not your problem is due to 
the incorrect application of EU law by another country’s 
public authorities. If your rights have been denied and 
you have not yet taken the case to court, SOLVIT will 
contact the responsible authority and try to solve your 
problem. 

In 2013, SOLVIT helped more than 1,300 people to find 
a solution to their problems, and were able to redirect 
an additional 1,800 people whose problems fell outside 
of SOLVIT’s remit to alternative sources of help. 

SOLVIT has revamped its website to make it even easier 
to seek assistance. The new website clearly explains 
what SOLVIT can and cannot do for you. Your answers to 
three questions will help identify whether or not SOLVIT 
is the best service for you.

Find us at: solvit.eu

SOLVIT, helping to make the Single Market work! 

See our leaflet ‘SOLVIT Success 
stories’:
http://bookshop.europa.eu/en/solvit-
pbKM0313252/

 
14

 Infringements 

Infringements 

About infringement procedures
The European Commission has powers to take legal action — known as infringement 
procedures — against a Member State that fails to meet its obligations under EU law. 
There are three steps to these procedures. The first is that the Member State receives a 
letter of formal notice and has two months to respond. If the Member State does not 
fully comply with EU legislation, the Commission can send a reasoned opinion. Again, 
the Member State has two months to reply. If there is no satisfactory reply, the Commission 
can refer the matter to the Court of Justice in Luxembourg. It can also ask the Court to 
impose a fine on the country concerned if it does not comply with the Court’s ruling.

Copyright: Commission urges Italy to respect EU rules
The European Commission asked Italy to respect EU rules on copyright protection of designs. 
A design protected by a design right, such as for example a design for a piece of furniture, 
should also be eligible for protection under copyright law. The objective is to grant a broad and 
cumulative protection to a design right holder. However, under Italian law, designs pre-dating the implementation 
of the Directive in Italy are excluded from copyright protection for a period of 13 years. This deprives right holders 
from the benefits of copyright protection for their designs. The Court of Justice of the EU had already ruled that a 
10-year transitional period is in breach of EU law. Despite this clear guidance from the Court, Italy did not adapt 
its  national  legislation.  The  Commission’s  request  takes  the  form  of  a  reasoned  opinion,  the  second  stage  of 
the infringement procedure. If the Italian authorities do not provide a satisfactory reply within two months, the 
Commission may refer the matter to the Court of Justice of the EU.

More information: ec.europa.eu/internal_market/indprop/design/index_en.htm

Public procurement: Commission asks Sweden to fully comply with 
EU rules
The European Commission has asked Sweden to provide effective review procedures for illegally 
awarded public service concession contracts. The Commission considers that the Swedish legal 
system in particular does not provide the necessary means to restore the transparency of such award procedures. 
By not having effective review procedures in place, Sweden is infringing EU rules on the right of establishment and 
the freedom to provide services. It also infringes on the principle of effective judicial protection of an individual’s 
rights under EU law. The Commission’s request takes the form of a reasoned opinion, the second stage of the 
infringement procedure. If the Swedish authorities do not reply satisfactorily within two months, the Commission 
may refer the matter to the EU Court of Justice. 

More information: ec.europa.eu/internal_market/publicprocurement/modernising_rules/reform_proposals/index_en.htm

SINGLE MARKET news

15

Professional qualifications: Commission urges five Member States 
to fully implement EU rules
The Commission formally requested Cyprus, Ireland, Italy, Luxembourg and Romania to fully 
implement into national law certain Directives with regard to the right of establishment and 
freedom  to  provide  services  after  the  accession  of  Croatia.  The  Directives  concerned  are: 
Directive 2005/36/EC on the recognition of professional qualifications, Directive 77/249/EEC to 
facilitate lawyers to provide services and Directive 74/557 EEC on the freedom of establishment 
and freedom to provide services for people who are self-employed. Member States failed to 
adopt  and  publish,  the  laws,  regulations  and  administrative  provisions  necessary  to  comply 
with the Directive. 

The  Commission’s  requests  take  the  form  of  reasoned  opinions,  the  second  stage  of  the 
infringement procedure. If no satisfactory replies from the five Member States concerned are 
received within two months, the Commission may refer them to the EU Court of Justice.

More information: ec.europa.eu/internal_market/qualifications/index_en.htm

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Single Market News is published in English, French and German.
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