After its communication of 26 November 2014 on "An investment plan for Europe", the Commission adopted on 13 January 2015 a proposal for a regulation setting up a European Fund for Strategic Investments (EFSI) and amending regulations (EU) No 1291/2013 (Horizon 2020) and (EU) No 1316/2013 (CEF).
The EFSI will be backed by a guarantee of EUR 21bn, of which EUR 8bn will gradually be paid into a guarantee fund until 2020 via transfers from the EU budget. The proposal also sets up a European Investment Advisory Hub (EIAH) to provide advisory support to project identification, preparation and development across the Union, and a European Investment Project Pipeline.
ECON and BUDG have been appointed lead committee under rule 55 (procedure with joint committee meetings) by the Conference of Presidents. There will be the first exchange of views on 23 February from 17:30-19:00 (room PHS 1A002) with the co-rapporteurs from both committees, Mr Jose Manuel Fernandes (EPP, PT) for BUDG and Mr Udo Bullmann (S&D, DE) for ECON.
The TRAN and ITRE committees are associated under rule 54 and several more under rule 53.
A question and answer session with experts from the Commission open to all members will take place on February 26 from 14:00 to 16:00 and a hearing on March 2 from 15:30 to 18:30.
The draft report will be presented on March 12 and adopted in a joint committee meeting on April 20.
The European Fund for Strategic Investments (EFSI) must focus on currently underfunded areas, so as to complement, not duplicate, other EU budget tools, said MEPs at Monday’s expert hearing on the Juncker investment plan proposals. The hearing was held by the Budgets and Economic and Monetary Affairs committees with a view to shaping legislation for the investment plan. (Read more)
Parliament’s newly-established Special Committee on Tax Rulings elected Alain Lamassoure (EPP, FR) as its chair at its constituent meeting on Thursday morning. As vice-chairs, the committee elected Bernd Lucke (ECR, DE), Marisa Matias (GUE/NGL, PT) and Eva Joly (Greens/EFA, FR). Rapporteurs will be appointed on 9 March. (Read more)
The state of play in Eurogroup talks with Greece dominated the Economic and Monetary Affairs Committee’s regular debate with Eurogroup President Jeroen Dijsselbloem on Tuesday morning. (Read more)
Welcome to the Committee on Economic and Monetary Affairs (ECON). The Committee is responsible for Economic and monetary Union (EMU), the regulation of financial services, the free movement of capital and payments, taxation and competition policies, and the international financial system.
The 7th legislature was marked by the most serious economic, financial and social crisis of recent times. The ECON Committee played a decisive role in the adoption of legislation responding to the crisis and took on an increased workload of scrutiny and reports. Consequently the Parliament decided to enlarge the Committee from 50 to 61 Members.
Our top priority today is growth and jobs. Stability, the promotion of investment, reform and social cohesion must be mutually reinforcing. ECON will promote a serious debate on this agenda.
I am convinced that we must move now towards a genuine EMU with an effective economic government, accountable to Parliament.
We need to complete key legislation on banking reform, financial crime and promoting investment in long-term growth-related projects.
We also have to ensure that the new regulatory framework is properly implemented and reviewed, and will monitor closely the Commission and the European Supervisory Authorities. A well regulated and functioning capital market is key to growth.
Finally, the Committee will join the efforts to strengthen democratic legitimacy on the basis of the Community method. A deep and genuine EMU must be a democratic EMU. The Committee will therefore strengthen its cooperation with National Parliaments.