Creating a better future through long-term sustainable investments

 

 

 

 

The Committee on Economic and Monetary Affairs (ECON) voted last Wednesday Sept. 3 in favour of a draft amendment (6726) introduced by Renato Soru (S&D/IT) to add a budget line in Section III – Commission (01 04 77) with the following Heading:

Pilot Project – Strengthening cooperation and synergies between National Promotional Banks in order to support long-term financing of the real economy.

The remarks to this Heading read as follows:

National (and regional) Promotional Banks (NPB), together with the EIB and the EIF, are considered important actors to finance long-term projects at the European level. As a follow up of the Green Paper, the Communication of 27 March 2014 on Long-Term Financing of the European economy has confirmed that during the consultation "calls were being made for more joint EU-national or multinational initiatives to promote cooperation and synergies between the EU budget and the EIB/EIF, Multilateral Development Banks(MDBs) and NPBs". In the same Communication, the Commission committed to "encourage and monitor the cooperation of NPBs, as requested by the June 2013 European Council and to report to the December 2014 Council".

In this context, it is important to enable the Commission to develop a pilot project to create, through a visible support from the EU budget, a structured network of national and regional promotional banks based in the Member States, in order to enhance their cooperation and to achieve the objective of long-term financing to the real economy and thus supporting long term growth, well-being and employment in Europe. This cooperation would give impulse to the exchange of best practices and help to develop innovative systems to channel private capital towards SMEs and towards projects of public interests, such as investments in material and immaterial infrastructures, particularly in the Regions affected most severely by recession and unemployment.

To this end, the project should include the following activities:
-promote the exchange of information and best practices among participants and between participants and European Institutions, through meetings, seminars and publications;
-initiate research programmes and hold conferences for the participants;
-develop initiatives to promote the concept of long-term investment with the economic and financial sector;
-promote the elimination of obstacles and the development of incentives to favour long-term investing.

As for the Legal Basis the following text was introduced:

Pilot project within the meaning of Article 54(2) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012).

Enabling the EC to develop a pilot project to create, thorough a visible support from the EU budget, a structured network of national and regional promotional banks, in order to enhance their cooperation and to achieve the long-term growth, well-being and full employment in Europe. This cooperation would improve the exchange of best practices and help to develop innovative systems to channel investments towards SMEs and projects of public interests, such as material and immaterial infrastructures, particularly in the Regions affected most severely by recession and unemployment.

FYI: this draft amendment for an additional budget line was introduced to the draft ECON opinion by Nils Torvalds (ALDE/FI) to the BUDG report of Eider Gardiazabal (S&D/ES) and Monika Hohlmeier (PPE/DE) on the General Budget of the European Union for the financial year 2015 (all sections)

 

03 September 2014

Committee / Commission ECON Meeting of / Réunion du 03/09/2014 Budgetary amendments (2015 Procedure) Amendements budgétaires (Procédure 2015) Rapporteur: Nils Torvalds (PDF)

 

09 April 2014

Amendment 001 001 Report A7-0211/2014: on the proposal for a regulation of the European Parliament and of the Council on European Long-Term Investment Funds (PDF) 

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