Verbatim report of proceedings

Wednesday, 24 June 2015 - Brussels

European Fund for Strategic Investments (debate)

  Richard Ashworth, on behalf of the ECR Group. – Mr President, our priority is jobs, growth and competitiveness. It is unfortunate that Europe has endured very low levels of investment since 2007. I therefore welcome EFSI. It is a responsible and ambitious programme that will maximise use of public finance and, at the same time, encourage investment from the private sector. I am pleased to note that the fund will be managed by the European Investment Bank, and I am also content that the multiannual financial framework (MFF) remains unaltered. That means no additional call on taxpayers’ money.

But I do have concerns: first that, in application, this really is a new financial instrument doing a new job, not just an extension of current schemes; second, it is important that additionality really does mean spreading excellence and widening participation. I also have concerns about whether smaller businesses and research facilities will be sufficiently aware that the funding is available and whether it will be readily accessible.

Finally, I have a warning to Member States. The measures being taken by the Investment Bank, the Central Bank and the Commission will go a long way towards injecting life back into the European economy. I commend the Commissioners for that, and they have my full support. But I have to stress that EFSI is not a substitute for structural reforms and sound public finances in the Member States, nor can it be an excuse for a lack of urgency in single market reform.