The action of each EU Commissioner for next year is to be subordinated to the creation of a fund for investment, which was proposed by the European Commission chief Jean-Claude Juncker. The Commission states tempted to go replenished, but do not want to give them power over him.
On Wednesday, the European Commission officially presented his idea, so that the European economy is in a period of three years be funded investments amounting to 315 billion euros. The Commission did not draw hands to the Member States on the new measures for this purpose, but left the door open, so that they can make, and thus increasing the possibility of the fund. The incentive is to be a special treat money spent on fund – not because they encumber deficits of the Member States when checking the EC budgets with stringent EU fiscal rules.
In addition to the establishment of the new European Fund for Strategic Investment (EFSA), the pillars of the plan are be: creation of a “fast-track project,” in which investments would be directed to where they are most needed, and to create a “road map” of activities designed to enhance projects for investors and eliminating bureaucratic bottlenecks disturbing business.
If at the December summit of EU leaders approve the program presented by Jean-Claude Juncker, in January, to be ready to propose appropriate legislation in this matter. Such announcement was in the work schedule presented by the Commission.
But before the heads of state and government will have to decide whether to agree to the so-called. legislative fast track on the creation of the fund. After that, the Commission will propose regulations on the subject, look after EU finance ministers and the European Parliament. Juncker hopes that discussions will not be too long, so that in the first half of next year, the fund began to work.
As of June 2015. It also has to be set up special advisory body dealing with investment programs. Authors of the concept is not yet reveal how many people would come to him, and what will be the key for their selection. It can be expected that this issue will, however, one of the important elements of the negotiation, as each country will want to secure the greatest impact on the selection of projects. An important role in the decisions and identifying priorities is to play The European Fund for Strategic Investment, in which most will be the European Commission. EFSA is to have a board of directors, which also will be making investment decisions.
Reliable investment projects to be a magnet, which will have the task of attracting private funds, so that with a relatively small initial capital has managed to generate a significant amount of money for investment and, consequently, enliven the economy.
The European Commission has published a list of examples of projects which are now being pursued by the EU budget. New investment funds to be directed, in particular, broadband internet, energy networks, transport infrastructure in industrial centers, energy efficiency, renewable energy, research and development and education.
The Fund is to focus on investment projects with a higher risk. To attract private capital, it is EFSA first to bear any losses resulting from failed projects.
Along with the implementation of the next stages of the investment program to follow and work on the completion of the single European market. The Commission took the view that this activity is also a lot of potential when it comes to mobilize the EU economy. For the single market in the European Commission is responsible Polish Commissioner Elizabeth Bieńkowska.
The priority is to be eliminating regulatory barriers in the sectors of energy, telecommunications, digital, transport and market barriers to services and products. Improving the business environment and conditions of the loan is intended to create a union of capital markets.
In December, the European Commission is to present a list of priorities for action for the next year related to the investment plan. As told PAP one of the important officials of the European Commission, the Commissioners were given the task to identify three key areas of their tasks to accomplish in the next year.
For the first half of 2016. Planned review of the performance of the investment fund. The point is that EU leaders can make any changes in the later years of the EU budget, which also has to be revised. This is an opportunity for the European Commission to refer to the fund more resources, but also a threat to the countries that derive most of the EU budget (while not benefit from projects funded by the EFSA). Poland is the largest recipient of EU cohesion policy; how our country will be treated within the fund, it is difficult to predict at the moment.
However, before the European Commission will be able to access the new measures must view a list of current spending. Guarantees for the fund has since found about 8 billion of real money. The deputy head of the European Commission responsible for investment and growth Jyrki Katainen explained that 3.3 billion has come up with a program for the development of pan-European infrastructure “Connecting Europe Facility”, 2.7 billion research program Horizon 2020 and 2 billion from the budget margin. These 8 billion is intended to allow the placement of a fund of 16 billion euros from the EU budget. Another 5 billion is to provide the European Investment Bank.
The head of the EIB Werner Hoyer in the European Parliament argued that the 21 billion is enough to generate investment 15 times the amount, or 315 billion over the three years. He noted that the EIB, after he increased his capital by 10 billion euros, is on track to start until next year 18 times that amount, or 180 billion for investment.
“This is what we present , is a fundamental shift from grants to loans and guarantees. Loans and guarantees are of course much greater ability multipliers (s) than subsidies and grants. The EC is determined to move funds from grants and structural funds and loan guarantees. This can translate into real investment, “- said Hoyer.
However, the European Commission is cautious when it comes to expectations for the new mechanism. Head of the Committee said that the fund will not be a magic wand by which all problems will be solved European economy. Do not mention any country by name appealed to those who have the appropriate budgetary leeway, contributed to increasing investment opportunities EFSA. The EU has long been an expectation is addressed to Germany, but Berlin does not show willingness to reach deeper into state coffers to finance weaker European economies.
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