President. − The next item is the report by Göran Färm, on behalf of the Committee on Budgets, on the proposal for a regulation of the European Parliament and of the Council amending Decision No 1639/2006/EC establishing a Competitiveness and Innovation Framework Programme (2007-2013) and Regulation (EC) No 680/2007 laying down general rules for the granting of Community financial aid in the field of the trans-European transport and energy networks (COM(2011)0659 – C7-0372/2011 – 2011/0301(COD)) (A7-0150/2012).

I would like to welcome Mr Werner Hoyer, President of the European Investment Bank, and Mr Mavroyiannis, who I think is making his first appearance before us for the Cyprus Presidency.

  Göran Färm, föredragande. − Herr talman! Kollegor! Den här titeln om investeringar i transeuropeiska nät osv. döljer i själva verket det mycket intressanta betänkandet om projektobligationer. Det borde kanske ha framgått av rubriken, men det gör det inte riktigt.

Europas ekonomiska framtid handlar inte bara om insatser mot den akuta krisen. Den handlar minst lika mycket om att långsiktigt få fart på en hållbar utveckling av ekonomi och jobb och framför allt att öka de tillväxtskapande investeringarna; privata och offentliga.

Här är EU:s roll avgörande. För att bygga samman Europas olika delar och utveckla den potential det innebär att vi faktiskt är 500 miljoner människor på en gemensam inre marknad krävs det att vi kan göra strategiska investeringar: i transporter, i en modern infrastruktur, på energiområdet, på det digitala området, osv. Det är helt avgörande för att vi ska lyckas med våra mål om smart och hållbar tillväxt för alla.

Den ekonomiska krisen är inte bara en följd av bank- och finanskollapsen, utan också av att vi sen länge har haft en otillräcklig nivå på de europeiska investeringarna. Därför är investeringsbehoven nu enorma. På transport-, energi-, och it-området uppskattar kommissionen behovet till 1 500 miljarder euro fram till 2020. Det är enorma pengar som EU inte kan mobilisera på egen hand. Därför blir huvuddelen förstås finansierad av den privata sektorn, men också av nationella, regionala och lokala myndigheter.

Med dagens hårda restriktioner för offentliga budgetar, de skärpta kapitaltäckningskraven för banker osv. behöver vi dock hitta nya vägar framåt. En av de vägarna är utvecklandet av innovativa finansiella instrument, som med ett visst budgetstöd från EU bör kunna attrahera ytterligare kapital.

Projektobligationer är ett sådant instrument. Förslaget innebär att projektföretag genom lån från EIB, garanterade av EU:s budget, ska kunna utfärda obligationer som då blir säkrare och attraktivare på marknaden. EU:s insats bör kunna lyfta kreditvärderingen för de här projekten så att det blir intressant för t.ex. pensionsfonder att vara med och satsa. Men det är viktigt att understryka att det handlar om privata obligationer från projektbolag, och inga offentliga EU-obligationer.

Kommissions förslag, som budgetutskottet stöder, innebär att vi omfördelar 230 miljoner euro inom EU:s budget för projektobligationerna 2012–2013. Det är inte mycket pengar, men kommissionen räknar med att dessa pengar kommer att kunna mobilisera kanske 15 till 20 gånger den summan från andra aktörer, och då blir det väsentligt. Den delen av insatsen är maximerad till det garantibelopp som är avsatt i budgeten, och det blir alltså ingen ökning av EU:s utgifter. Går allt väl blir kostnaden noll, men vi bidrar till att få fart på tillväxten i Europa.

Men vi ska komma ihåg att projektobligationerna bara är en bit i det här investeringspusslet, där de måste utvärderas. Min förhoppning är att de ska kunna utvecklas ytterligare på ett sätt som kommissionens ordförande Barroso, men också t.ex. EU-toppmötet och G20, har pekat ut under de senaste veckorna.

Jag skulle gärna vilja lyfta fram också andra idéer. Jag tycker vi i analysen och utvärderingen bör pröva om vi genom att förbättra det här förslaget kan nå nya typer av investerare. Kan vi nå små och medelstora projekt genom t.ex. projektportföljer? Kan vi bidra till att skapa en mer likvid obligationsmarknad i Europa? Kan vi kanske till och med ta oss en funderare på frågan om så kallade Delors-obligationer? Europeiska projektobligationer garanterade av EU:s budget? Jag tycker att vi i varje fall behöver diskutera saken.

Till sist ett stort tack till alla som har bidragit till att mejsla fram den här viktiga lösningen: mina kollegor i budgetutskottet, särskilt skuggföredragandena, Europeiska kommissionen, Europeiska investeringsbanken och sist men inte minst det danska ordförandeskapet. Nu hoppas vi att det cypriotiska ordförandeskapet slutgiltigt kan föra saken i hamn.

  Andreas Mavroyiannis, President-in-Office of the Council. − Mr President, I very much welcome the opportunity to take part in this debate and I look forward to the vote on this issue tomorrow.

It is particularly encouraging that the proposal for a pilot phase of the project bond initiative has been brought to a successful and timely conclusion. In this regard I am very pleased to acknowledge that this was fully taken into account by the European Council in its conclusions last week. Stimulating investment in infrastructure is a key element in supporting growth and creating jobs.

At a time when national budgets are under considerable pressure, it is essential to look for new and innovative ways to boost economic growth throughout the Union. Access to finance has become more difficult in the wake of the financial crisis. In the current challenging economic environment, we need to ensure that long-term investment in the fields of transport, energy and information technology can be maintained.

The project bond initiative is designed to help attract and facilitate private financing of priority projects. The European Union contribution to the project bond instrument should help leverage large volumes of investment. If we can achieve high multiplier effects, initiatives such as the Project Bond Instrument will help ensure that scarce budgetary resources are used as effectively as possible. Provided that the experience of the project phase is positive, the volume of such financial instruments could be developed further in the future.

The agreement reached with Parliament is therefore particularly welcome. It specifically addresses several elements that are important to the Council, including the need to launch the initiative as soon as possible. It also provides for appropriate reporting during the critical first phase and for an independent evaluation at the end of the pilot phase to allow us to assess the impact and effectiveness of the instrument.

Many of these concerns were shared by Parliament. This helped us make rapid progress, for which I would like to express my thanks to the Danish Presidency for the particularly efficient way in which it conducted the negotiation. Thanks are also due to both Parliament and the Commission for their openness and willingness to secure an agreement as soon as possible. I would, in particular, like to express our gratitude to Göran Färm for the excellent way in which he has handled this important dossier and the constructive manner in which he approached the negotiation.

More than ever, we need to stimulate smart, sustainable and inclusive growth in the EU. A wide range of instruments and policies have to be used in order to achieve this. I am therefore pleased that by working closely with the European Parliament and the Commission we have been able to deliver on the project bond initiative. It will make an important contribution to supporting investment in infrastructure and will thereby help boost economic growth and create jobs. I am sure that is something that all of us will welcome.

  Olli Rehn, Vice-President of the Commission. − Mr President, I would like to thank the rapporteur Göran Färm, the co-rapporteurs, Mr Langen and Mr Cancian, and their shadows for their very substantive reports and the many constructive proposals they have made in these reports.

I would also like to thank the European Investment Bank and President Hoyer for excellent cooperation in the preparation of this initiative.

Firstly, allow me to put the project bonds initiative in the broader context of our growth agenda: boosting the lending capacity of the EIB; launching the first phase of project bonds; and redirecting a certain amount of Structural Funds towards supporting in particular small and medium-sized enterprises and young unemployed people.

These important initiatives are finally being decided and implemented. I am glad to see that the initiatives the Commission has long been advocating are now turning into reality.

This is definitely necessary as the European Union, especially the eurozone, finds itself at a decisive juncture, not only in its three-year-old debt crisis but in its thirteen-year-old history. The two are of course closely intertwined.

The short-term symptoms of this crisis have their roots in long-term ailments, both structural and systemic. We need to relieve the short-term pain of market pressure to create breathing space for countries to adopt the game-changing reforms that are essential for long-term gain.

On both fronts we are now moving forward convincingly. Last week’s euro area summit agreed to measures that should finally allow us to break the vicious circle between banks and sovereign debt which has done so much to undermine confidence.

Once a single banking supervisory mechanism is in place the new European stability mechanism will be given the power to recapitalise banks directly without its loans adding to the debt burden of countries already under intensive market pressure.

There is no time to lose. That is why the Commission is already working on its proposal for this single banking supervisory mechanism involving the European Central Bank, together with some other proposals it considers to be an essential element of the future banking union Europe is now committed to put in place. We also count on your support in that regard.

The Commission proposed the Europe 2020 project bonds last October as an effective and efficient way of using the EU budget to leverage private investment.

To test the concept of project bonds and demonstrate to the markets and our citizens that it works, the Commission proposed a pilot phase. This is the proposal before you now. I encourage you to adopt this proposal, in order to support the recovery of the European economy, investment, growth and job creation.

  Werner Hoyer, President of the European Investment Bank. − Mr President, it is a great pleasure and honour for me to participate in this debate on project bonds. Allow me first of all to thank Parliament for its support of this initiative, and in particular the rapporteur, Mr Göran Färm, for his constructive and pragmatic approach which has hopefully helped to reach a compromise acceptable to all.

As we all know, there will be huge investment needs all over Europe in the coming years, so the test phase of the project bond initiative comes not a moment too soon. We are faced with an urgent need to restart our economies, to stop the rise in unemployment, in order to preserve the EU’s role and position in the world, and the project bond initiative will be one more element among others in our toolbox to raise private money on the financial markets. It is not an alternative to the instruments in our toolbox; it is an addition to them.

At last week’s summit, leaders committed to an ambitious Growth and Jobs Compact. Long-term investment will be a crucial component of this plan. Importantly for the taxpayer, the project bond initiative does not impose an additional burden on domestic budgets, sovereign debt or contingent liabilities. On the contrary, it relies on a small EU budget contribution redirected from existing programmes, coupled with an EIB guarantee or loan. Together, these two elements will improve the quality of debt raised by project promoters, allow institutional investors to buy this debt, and support considerable investment throughout Europe.

The multiplier effect can be significant. With a EUR 230 million guarantee from the EU budget and an EIB contribution, we will be able to support up to EUR 4.3 billion of investment in this pilot phase. This is the rationale for using public money as risk capital in times of crisis. A careful scaling of the EU guarantee and EIB loan element will allow for a more efficient use of EU budgetary resources. The project bond initiative is therefore another fine example of synergy between the EIB and the Commission and I thank Commissioner Rehn for his excellent cooperation.

As the EIB has traditionally worked on three pillars – lending, blending and advising – we are optimistic that we can offer our help and experience to make this pilot phase a success, and it must become a success. Building on its experience and developing joint instruments, the EIB has been working on identifying projects suitable for the start-up period. The first pilot projects will most likely be situated in some of the more advanced project-financed markets of the EU, and will focus on a handful of clearly bankable deals where relatively small amounts of public money can help underpin relatively large volumes of investment. The clear objective, however, is to support access to long-term finance for infrastructure throughout Europe.

Investment in energy networks to promote energy security, in digital access, and in sustainable transfer infrastructure is crucial for the success of the Europe 2020 Strategy and the continent’s long-term growth prospects. I hope that project bonds will increase appetite for private-sector financing of vital projects.

  Werner Langen, Verfasser der Stellungnahme des mitberatenden Ausschusses für Industrie, Forschung und Energie. − Herr Präsident! Ich habe die Stellungnahme des Industrieausschusses vorzutragen. Der Industrieausschuss hat 28 Änderungsanträge einstimmig beschlossen. Der Haushaltsausschuss hat das meiste übernommen. Uns kam es darauf an, Berichtspflichten zu installieren und die Ernsthaftigkeit dieser Pilotphase zu unterstreichen: eine unabhängige Schlussbewertung, ein Zwischenbericht, die Tatsache, dass das in voller Verantwortung der EIB erfolgt, einschließlich der technischen Expertise, und nicht nur einen verlängerten Arm der Kommission darstellt, wenn auch Haushaltsmittel zur Verfügung gestellt werden.

Wir wollen privates Kapital mobilisieren für die großen Infrastrukturaufgaben, für Breitbandverkabelung, für Energienetze, für alle diese Herausforderungen. Und meine Bitte ist, wenn die Auswahlphase ansteht, Herr Präsident Hoyer, dass die EIB sich von niemandem beeindrucken lässt. Es kann nicht sein, dass in der Pilotphase nur einfache Projekte durchgeführt werden und das Modell und das Ergebnis dann auf schwierige Projekte umgemünzt werden, bei denen der Misserfolg möglicherweise vor der Tür stehen könnte! Also – eine ehrliche Begutachtung, Auswahl und Bewertung, das ist das Anliegen des Industrieausschusses, weil wir Projektbonds generell unterstützen als eine Möglichkeit der Mobilisierung privaten Kapitals!

  Antonio Cancian, relatore per parere della commissione per i trasporti e il turismo. − Signor Presidente, onorevoli colleghi, signor Commissario, sono assolutamente favorevole naturalmente a questa fase pilota dei project bond, perché il principio di utilizzare le risorse europee servendosi dell'esperienza della BEI per creare questo effetto leva, al fine di realizzare i progetti di qualità e di interesse europeo, è di attuale urgenza e validità. Quello che non funziona: il budget per questo progetto pilota, 230 milioni sono veramente pochi, soprattutto i 10 per il settore energia e i 20 per le telecomunicazioni paiono uno stanziamento simbolico. Per il futuro bisogna dotare questo strumento di un budget serio.

Cosa manca veramente? Dobbiamo avere il coraggio di guidare da qui, dall'Unione europea la ripresa economica. Manca il coraggio di realizzare un'iniziativa di emissione diretta dei bond da parte dell'Unione in un sistema PPP, per partecipare direttamente agli investimenti nelle infrastrutture da noi ritenute prioritarie e trainare l'economia fuori dalle secche in cui si è incagliata. Non mi riferisco al passato, alle mutualizzazioni dei debiti, eccetera, ma allo sviluppo futuro, da qui dobbiamo ripartire assieme. Questa è l'unica strada per la crescita subito, per creare l'occupazione e la competitività che ci meritiamo.

  Dominique Riquet, au nom du groupe PPE. – Monsieur le Président, Monsieur le Commissaire, mes chers collègues, je tiens d'abord à saluer le travail de Göran Färm, qui a été extrêmement productif sur ce dossier. Grâce à ce travail et à la collaboration avec le Conseil sous la présidence danoise et maintenant sous la présidence chypriote, on peut espérer une entrée en vigueur cet été.

Cette initiative doit être soutenue pour deux raisons principales. Tout d'abord cet instrument financier innovant se fonde sur une utilisation intelligente des ressources que l'on sait limitées: redéploiement des lignes budgétaires existantes, d'une part, et effet de levier sur d'autres investissements, d'autre part. Les politiques de stabilité budgétaire ne porteront leurs fruits que si elles sont soutenues par des mesures de relance. Or les obligations destinées au financement de projets (project bonds) visent justement des domaines porteurs d'emplois, à savoir les infrastructures de transport, d'énergie ainsi que le haut débit.

Je crois, par ailleurs, que le texte issu du trilogue sur lequel nous nous prononcerons améliore sensiblement les propositions de la Commission, en définissant plus précisément l'instrument, en renforçant les outils de surveillance, en introduisant des changements réglementaires en cas de succès sans décourager les marchés et en introduisant la possibilité de réutiliser les intérêts et autres revenus générés.

Enfin, la possibilité de fusionner le compte fiduciaire du LGTT, l'actuel instrument de garantie des prêts pour les infrastructures de transport, avec celui des project bonds, garantit une meilleur gestion financière.

Pour conclure, je dirai, Monsieur le Président, que nous assistons peut-être à l'avènement de ce que vous me permettrez d'appeler une "économie mixte financière" entre l'Europe, ses institutions, la BEI comme telle et son expertise. Cette économie mixte financière visera à créer un véritable marché au service de nos projets et de nos instruments dans le futur cadre financier multiannuel comme le mécanisme pour l'interconnexion en Europe.

  Inés Ayala Sender, en nombre del Grupo S&D. – Señor Presidente, sí, la verdad es que los ciudadanos y ciudadanas europeos esperan de la Unión Europea algo más que malas noticias.

Por eso creo que hay que felicitar, esta tarde especialmente, no solo al ponente, por supuesto, señor Göran Färm, que con su tenacidad y su inteligencia ha sido capaz de ponernos a todos de acuerdo, sino también a todas las instituciones, a la Comisión, al Consejo, a este Parlamento y también a una entidad financiera como el Banco Europeo de Inversiones, que hasta ahora aparece y reaparece –un poco como el Guadiana– y que necesitamos que esté presente.

La presencia de esta entidad es precisamente necesaria en ese apalancamiento de los escasos recursos públicos que necesitan tirar de los recursos privados, precisamente para conseguir que las infraestructuras, que esa área de comunicación, de conexión, de movilidad de personas, servicios y bienes en Europa se hagan realidad.

Y no solamente desde las infraestructuras tradicionales sino, más aún, desde unas infraestructuras que ya serán infraestructuras innovadoras, inteligentes, de futuro, que nos conectarán entre nosotros, pero también que conectarán a Europa con el resto del mundo. Y, sobre todo, en el interior de Europa, crearán empleo, crearán desarrollo y riqueza porque, desde luego, ante otras regiones que están creciendo de una manera tremenda, necesitamos estos instrumentos inteligentes, de los que Europa ha sido capaz de valerse en otras ocasiones, en este momento preciso para tirar de nuestro desarrollo y seguir siendo tan competitivos y liderando aspectos de ingeniería, de obras públicas, de desarrollo y de comunicaciones, como lo hemos venido haciendo hasta ahora.

Yo saludo, desde luego, esta propuesta y este Reglamento y en los dos años cortos que nos quedan, animo a la Comisión a darnos los mejores resultados.

Encuentro que la información cada seis meses es un instrumento también válido para que este Parlamento y los ciudadanos nos comprometamos mejor con este proyecto y, desde luego, como coponente sobre el Mecanismo «Conectar Europa», saludo calurosamente este avance de lo que vendrá a ser después esa Europa de las infraestructuras inteligentes.

  Anne E. Jensen, for ALDE-Gruppen. – Hr. formand! På vegne af ALDE-Gruppen vil jeg også sige, at vi går ind for dette projekt og synes, at det er rigtigt godt, at vi har fået det i gang, og at det kan komme hurtigt i gang. Endvidere vil jeg sige tak til Göran Färm for en rigtig god indsats i arbejdet med at finde et resultat for dette pilotprojekt.

I Danmark, hvor jeg kommer fra, er tanken om projektobligationer i virkeligheden ikke så fremmed, fordi vi har investeret i flere af vores faste forbindelser – den bro, der binder landet sammen, og broen til Sverige – med lån optaget på det private marked af den virksomhed, der har bygget broen, hvorefter det betales tilbage via bidrag fra dem, der kører på broen.

Det er således en måde at rejse kapital på til at foretage infrastrukturinvesteringer, og vi ved jo alle sammen – som det også er sagt flere gange i dag – at der nok går mange år, inden at statskasserne for alvor har råd til at opfylde de behov, der vil være for investeringer.

I USA har vi set sådant et marked for obligationer, der finansierer infrastruktur, og man hører fra den private sektor, at man sagtens med den indsats, vi gør inden for de kommende 10 år, vil kunne løbe sådant et marked for obligationer i gang. Det vil sige, at vi så måske en dag kommer i en situation, hvor det er noget, der faktisk kan klare sig selv, nærmest uden støtte fra EU's budget.

Men vi har altså behov for en støtte i første omgang: Vi har behov for at låne den tillid, der er til Den Europæiske Investeringsbank, så investorer i form af pensionskasser og forsikringsselskaber kan have tillid til, at de investerer i seriøse projekter. Det har vi behov for for at løbe tingene i gang.

Derudover vil jeg sige, at det er vigtigt, at vi har fået en aftale om, hvordan vi følger op på de erfaringer, der gøres med dette projekt, således at vi kan gå videre med det og få en langt større satsning på dette i fremtiden.

(Taleren accepterer at besvare et blåt kort-spørgsmål i henhold til forretningsordenens artikel 149, stk. 8)

  Hans-Peter Martin (NI), Frage nach dem Verfahren der blauen Karte. – Frau Kollegin Jensen, Sie haben von Erfahrungen in Dänemark gesprochen. Bezüglich der Projektanleihen führten Sie aus, dass es bei Garantieübernahmen natürlich zu Problemen kommen kann. Haben Sie nicht auch die Sorge, dass dadurch, dass es zunächst einmal eine Absicherung geben soll, letztendlich über den Umweg der öffentlichen Hand wieder Vorteilnehmer-Pensionsfonds mit Gewinnen versorgt werden? Was würden Sie vorschlagen, um dem tatsächlich entgegenzuwirken? Stichwort: Begrenzung der Garantieübernahmen oder entsprechende Deckelung.

  Anne E. Jensen (ALDE), Blåt-kort-svar. – Det er klart, at pensionskasser og forsikringsselskaber, der køber sådanne værdipapirer, skal afveje, om der er tilstrækkelig sikkerhed for investorernes penge, for pensionisternes penge. Men vi er jo i en situation i øjeblikket, hvor det er en meget latent problemstilling for alle, der opererer på de finansielle markeder. Ikke engang statsobligationer er særligt sikre i dag. Desuden har vi faktisk behov for at etablere sådant et marked, der sagtens kan være med en meget stor sikkerhed og med en betalingsprofil, der matcher de behov, som disse investorer med en langsigtet profil har, så de kan sikre, at pengene er der den dag, de skal betale deres pensioner. Dybest set handler det også om, at vi herigennem kan investere i et samfund, således at der, når hr. Martin og jeg bliver ældre og skal på pension, faktisk er et samfund, der fungerer.

  Isabelle Durant, au nom du groupe Verts/ALE. – Monsieur le Président, c'est vrai que – d'autres l'ont dit avant moi – l'état des finances publiques de l'Union européenne est tel que nous ne devons évidemment nous priver d'aucun outil pour promouvoir un certain nombre d'investissements indispensables à l'échelle européenne, dans le domaine des transports, de l'énergie ou du haut débit. Et les obligations de projet sont réellement un objectif que nous voulons soutenir parce qu'elles sont intéressantes à cet égard.

C'est une phase-pilote, c'est pourquoi je pense que, d'emblée, nous devons fixer clairement les critères sur lesquels nous évaluerons cette phase-pilote.

J'attire l'attention de tous sur deux éléments. Le premier, c'est le choix des projets. Nous avons, c'est vrai – et je remercie le rapporteur – essayé d'introduire des critères de durabilité plus importants dans le cadre de la sélection des projets, parce que toute construction d'infrastructure n'est pas nécessairement bénéfique pour l'Union européenne et peut d'ailleurs creuser une dette écologique qu'il nous faudra un jour rembourser. Donc, soyons de toute façon attentifs à la qualité des projets que nous soutenons.

Deuxièmement, la question des risques. Il y a objectivement un risque financier. Certes, on essaie de le minimiser pour les pouvoirs publics, mais il existe. À ce titre, je crois qu'il faudra être extrêmement attentif, dans la phase d'évaluation, à mesurer quels sont les moyens de limiter au maximum le risque financier pour les finances publiques, tout en garantissant un revenu pour l'investisseur privé qui aura mis des moyens dans cette affaire.

Je pense vraiment que, autant il est bon, utile et nécessaire de lancer ce projet, autant il est important de fixer d'avance les critères sur lesquels on évaluera la phase-pilote, avant de passer à la généralisation du projet. Je pense que c'est un instrument important, mais qui mérite toute notre attention, en particulier dans cette phase de départ.

  Richard Ashworth, on behalf of the ECR Group. – Mr President, I welcome the rapporteur’s proposals, particularly for investments that will help stimulate the European economy, but I want to add a word of caution that it must be investment which adds real value. Things like research and development, cross-border connectivity of energy and transport and broadband are really adding European value, whereas a lot of the previous investment in infrastructure has been of questionable value.

I also agree with the rapporteur’s approach to funding. But I stress that, this being a pilot project, it is strictly time limited and at the end of that period it will be subject to independent analysis. It is important for that analysis to be taken seriously because it is not a rubber-stamp exercise. The outcome must be respected and, in respecting that, the key must be to protect the interests and exposure of the European taxpayer.

  Jacky Hénin, au nom du groupe GUE/NGL. – Monsieur le Président, que l'Union européenne agisse pour doter notre continent d'infrastructures dans les domaines des transports, de l'énergie et des réseaux numériques, c'est une bonne chose. Ce serait une meilleure chose encore si cela aboutissait à une propriété publique européenne de ces infrastructures et si leur exploitation passait par de grands services publics européens du transport, de l'énergie et des réseaux numériques, garantissant ainsi davantage de sécurité et davantage de respect de l'argent public.

Il est temps d'en finir avec une concurrence qui, si elle permet à une minorité de prélever de justes profits, est source de gâchis, d'inefficacité, d'inégalités territoriales, de corruption, de prix exorbitants payés par les usagers, devenus clients malgré eux.

Savez-vous que grâce à votre dogme de la concurrence, une part non négligeable des camions qui circulent en Europe le font à vide? Qu'il se vend plus d'énergie qu'il ne s'en produit, avec les coûts que cela représente pour les familles et les entreprises?

Si l'Europe veut entrer dans le vingt-et-unième siècle et non revenir au dix-neuvième siècle, il faut dire "non" à la concurrence stérile et "oui" à la coopération, à la complémentarité.

Le système de financement de ces infrastructures nécessaires que vous nous présentez aujourd'hui est digne des usines à gaz qui conduisent aux crises. Pour résumer, on socialise les risques et on privatise les profits pour la plus grande joie des fonds de pension et autres fonds financiers nuisibles.

Pour ma part, j'ai une solution innovante à vous proposer qui, elle, répond à l'intérêt général des citoyens européens: un financement direct de ces infrastructures par la Banque centrale européenne, aux mêmes conditions que se refinancent actuellement les banques privées auprès de la BCE.

Une telle solution nous permettrait de desserrer un peu le nœud coulant avec lequel les marchés financiers étranglent la démocratie européenne.

  Claudio Morganti, a nome del gruppo EFD. – Signor Presidente, onorevoli colleghi, ritengo positiva la proposta di istituire delle obbligazioni di progetto, i cosiddetti project bond, per finanziare lo sviluppo della rete infrastrutturale europea. La cifra stanziata di 230 milioni di euro è piuttosto bassa rispetto al fabbisogno reale, tuttavia bisogna tenere conto che si tratta di una fase sperimentale, considerando anche la cronica scarsità di risorse il risultato raggiunto mi sembra un buon compromesso.

Con questi fondi si potranno finanziare al massimo una decina di progetti, ma si tratta di un esercizio utile per capire se questo strumento possa essere un volano per attrarre investimenti necessari per migliorare i trasporti, le reti energetiche e le telecomunicazioni in Europa. Mi auguro tuttavia che i progetti che beneficeranno di questa nuova iniziativa siano scelti con cura, e che soprattutto l'efficacia di tali proposte sia poi sottoposta ad attenta valutazione. Non possiamo infatti assolutamente permetterci di investire soldi pubblici in operazioni pericolose e dal rendimento incerto.

  Francisco Sosa Wagner (NI). - Señor Presidente, Señorías, tenemos toda nuestra atención centrada en los bancos, de los que una y otra vez oímos decir que son la sangre del cuerpo social. Es probable que esta imagen sea acertada, pero tengamos en cuenta que todo cuerpo se sostiene sobre una columna vertebral y unas articulaciones. Pues bien, la columna vertebral y las articulaciones de ese cuerpo social que llamamos Europa son precisamente sus redes de transporte y sus infraestructuras energéticas.

Es imprescindible, como se está diciendo esta tarde aquí en el hemiciclo, movilizar la financiación privada y, en su caso, la financiación pública. Además, es una oportunidad para promover la emisión de deuda privada, avalada por las instituciones europeas, específicamente destinada a estos fines justamente, y abierta, además, a cualquier inversor.

Mi enhorabuena para los ponentes, por su trabajo y también a la Comisión, por su claro impulso a estos proyectos.

  Salvador Garriga Polledo (PPE). - Señor Presidente, Señorías, señor Comisario, Göran Färm, además de ser un portavoz socialista de presupuestos, es un diputado muy profesional que trabaja intensamente sus informes, y este que discutimos ahora es un buen ejemplo de ello.

En unos momentos de restricciones presupuestarias muy duras, el uso de estos instrumentos financieros innovadores es de la mayor importancia. Ya en las discusiones de la Comisión Especial SURE (Comisión Especial sobre los Retos Políticos y los Recursos Presupuestarios para una Unión Europea Sostenible después de 2013) que tuvieron lugar el año pasado, el Parlamento Europeo acordó la necesidad de introducir estos nuevos instrumentos financieros para compensar la posible insuficiencia del presupuesto tradicional. Deben financiarse las inversiones imprescindibles en transportes, energía y telecomunicaciones. Las necesidades se evalúan en 1,5 billones de euros entre el año 2010 y el año 2020.

Teniendo en cuenta cuán difícil es conseguir hoy un inversor privado para grandes proyectos de infraestructura de difícil rentabilidad a corto plazo, la fase piloto sobre las obligaciones para la financiación de proyectos (Project Bonds Initiative) adquiere todavía mayor importancia. El reconocimiento expreso del Consejo Europeo al uso futuro de los project bonds y su relación con el Mecanismo «Conectar Europa» añade aún más importancia a este informe. Es un proyecto plenamente europeo que trae financiación nueva a proyectos que incorporan un alto valor añadido comunitario.

Lo más importante es que la mayoría de las enmiendas que sugiere el ponente han sido adoptadas por el Consejo en dos trílogos diferentes, y que esto va a permitir un rápido acuerdo en primera lectura para que el proyecto empiece inmediatamente.

Terminando con el tema de la evaluación, es muy importante que, como Parlamento, exijamos que la Comisión Europea presente el informe provisional a mediados del año 2013 y que así, si el mercado no ha acogido positivamente los project bonds, seamos capaces de mejorar el proyecto para implementarlo en la segunda mitad del año 2013.

  Saïd El Khadraoui (S&D). - Ik wil om te beginnen de rapporteur en al degenen die bij dit dossier betrokken waren, bedanken. Wij bespreken iets dat veel in het nieuws is geweest en dat lang op voorhand aangekondigd werd, de fameuze projectobligaties. Ik denk dat wij die moeten steunen, omdat zij een goede poging vormen om ook meer private middelen die in de economie aanwezig zijn, te laten leiden tot echte investeringsprojecten die bijgevolg ook rechtstreeks en onrechtstreeks bijdragen tot economische groei. Ik vrees ook een beetje dat, als wij onze ambities willen waarmaken om bijvoorbeeld te komen tot een trans-Europees transportnetwerk, wij een mix van financieringsmiddelen nodig zullen hebben, en dit zal er één van zijn.

Tegelijkertijd moeten wij ook bescheiden blijven. Wij hebben hier nu 230 miljoen euro vrijgemaakt waarmee wij misschien twee, drie projecten zullen kunnen ondersteunen. Dat is goed, alle beetjes helpen. Maar - om één voorbeeld te geven - wij gaan als wij het trans-Europees transportnetwerk tegen 2030 willen realiseren, maar liefst 500 miljard euro moeten vinden om dat waar te maken.

Dit soort innovatieve financieringsinstrumenten mogen - en dat is toch ook wel belangrijk - geen alibi zijn om geen echte kredieten vrij te maken voor investeringen. Wij moeten er dus op toezien dat naast dit soort zaken ook de kredieten, bijvoorbeeld voor de CEF, voldoende aanwezig zijn zodat ook de overheden op diverse niveaus hun verantwoordelijkheid kunnen nemen. Maar laten wij alleszins hiervoor gaan.

  Adina-Ioana Vălean (ALDE). - Mr President, I am glad that growth, one of the core concepts we have always defended, has reached the frontline of the debate. Nevertheless, we must bear in mind that growth is created by markets – not by institutions or legislators – so, if we want growth, we should support the market.

If we want to speed up the development of infrastructure in order to complete the internal market and boost competitiveness, we must use our shrunk budgets to attract private finance dedicated to long-term investments. The new mechanisms, like the Connecting Europe Facility, should primarily rely on these financial instruments to develop energy and telecom infrastructure in a stable and transparent framework which will not distort markets and which will attract private investors, rather than crowding them out by creating an uneven competition between public and private money.

Yes, we need project bonds to work and, yes, we need them to be assessed and improved after their pilot phase. What we also need is for our institutions to support the real stakeholders: banks and institutional investors. We need to develop this new asset class which should bypass current uncertainty and debt driven constraints and that will help to complete and expand markets.

Being part of the solution requires leverage for each euro spent by the public sector. For this, the time is gone when we could rely on grants alone.

  Claude Turmes (Verts/ALE). - Herr Präsident, sehr geehrter Herr Kommissar, sehr geehrter Herr Hoyer! Ich denke, dass in dieser Pilotphase Umweltkriterien wichtig sind, weil wir damit aufhören müssen, Infrastrukturen zu schaffen, die uns weiter von den Klimazielen und auch von den Energiezielen entfernen.

Eine konkrete Schwäche, die ich sehe, ist, dass wir z. B. große Projekte mit erneuerbaren Energieträgern eigentlich jetzt nicht vorgesehen haben. Auch im Zusammenhang mit der Connecting Europe Facility wird nur über Infrastruktur und nicht auch über erneuerbare Energieträger geredet, und es ist auch nicht klar, wie diese Pilotphase später weitergehen soll. Das dänische Energieunternehmen DONG hat vor kurzem einen größeren Windpark an den dänischen Pensionsfonds verkauft. Das heißt, es gibt durchaus Möglichkeiten, dass man große Projekte mit erneuerbaren Energieträgern in einer ersten Phase von Spezialisten, die ein Risikomanagement machen können, errichten lässt und dann eben in einer zweiten Phase an andere Investoren abstößt und so neue Möglichkeiten schafft für die, die das Geschäft kennen.

Ich hoffe, dass wir im Parlament, in der Kommission im nächsten Budget vorsehen, dass wir auch dafür aus dem europäischen Budget Gelder zur Verfügung haben.

  Hynek Fajmon (ECR). - Pane předsedající, zpráva, kterou nyní projednáváme, doporučuje zavést nový finanční instrument, který by měl podpořit dluhopisové financování infrastrukturních projektů.

Obecně jsem k takovým iniciativám skeptický, protože zvyšují dluhové zatížení států a dalších investorů, kteří stavějí dopravní, energetickou a další veřejnou infrastrukturu. V současné době jsou již tyto subjekty značně zadluženy, některé dokonce předluženy a pomáhat jim tím, že budou moci snadněji realizovat veřejné investice na další dluh, není podle mého soudu cesta úplně správným směrem.

Dále bych chtěl ještě okomentovat pozměňovací návrh, který je předložen k původnímu textu a který požaduje, aby nově budovaná dopravní infrastruktura zohledňovala problémy související se změnou klimatu. Přiznám se, že vůbec nevím, jakým způsobem by toho mělo být dosaženo. Dopravní infrastruktura a problémy související se změnou klimatu spolu dle mého soudu vůbec nijak nesouvisí a taková dodatečná, špatně definovaná podmínka by neměla být do textu vůbec dávána.

  Hans-Peter Martin (NI). - Herr Präsident! Wie immer, wenn Kollege Turmes spricht, ist es sehr klug, und man würde sich wünschen, dass das, was er sagt, viel mehr Einfluss hätte auf die europäische Politik. Ich wollte da nachfassen. Natürlich sind diese Projektanleihen etwas Gescheites, aber nur dann, wenn sie nachhaltig orientiert sind, und wenn dafür auch politische Grundlagen geschaffen werden. Wir laufen Gefahr, über Garantien Risiken abzusichern, die wir politisch nicht unter Kontrolle haben.

Konkret: Energiewende in Deutschland – 3 800 Kilometer Streckennetz wären notwendig, erst 100 Kilometer an entsprechenden Fernleitungsnetzen sind gebaut, weil es auch am Widerstand der Bürger scheitert, übrigens sehr ökologisch orientierter Bürger. Da muss uns von Seiten der Politik etwas einfallen. Eine Idee wäre, dass wir gemeinsame TEN-Korridore schaffen, also nicht nur die Hochgeschwindigkeitsstrecken bei den Eisenbahnen und Breitbandnetze kombinieren, sondern da vielleicht oben drüber oder auch neben der Autobahn entsprechend Leitungsnetze konstruieren. Das erfordert allerdings eine viel umfassendere Planung, als sie bisher vorgesehen ist, aber ich möchte das zumindest an dieser Stelle anregen!

  Zigmantas Balčytis (S&D). - Pirmiausia noriu padėkoti savo kolegai, pranešėjui Göranui Färmui, už tikrai labai gerai atliktą didelį darbą. Ir, aišku, Komisijai už įsiklausymą į Europos Parlamento raginimus pateikti pasiūlymus dėl projekto obligacijų, svarbių Europos Sąjungos infrastruktūros objektų vystymui. Strategijoje „Europa 2020“ iškeliami ambicingi tikslai, tačiau su dabartine transporto, energetikos ar informacinių technologijų infrastruktūra ženklios pažangos per artimiausią dešimtmetį nepavyks pasiekti. Šiandienos problemų, tokių kaip transporto spūstys, pasenusios energetikos sistemos, trūkstamos transporto ir energetikos jungtys, neišvystyta informacinių technologijų infrastruktūra, sprendimas pareikalaus milžiniškų investicijų, kurių viešasis sektorius negalės skirti, todėl teks pasikliauti privačiojo sektoriaus investicijomis, tačiau nepalanki ekonominė situacija Europos Sąjungoje bei komerciškai neatsiperkantys projektai nepritrauks taip trūkstamo finansavimo. Nors šiame bandomajame etape bus skiriama palyginus labai nedidelė suma, du šimtai trisdešimt milijonų eurų, reikia tikėtis, kad šis etapas suteiks didesnes garantijas ir saugumą potencialiems investuotojams ir leis įvertinti Europos Sąjungos rinkos veikimą. Šis obligacijų įvedimas yra labai sveikintinas ir jis turi padėti išjudinti ir paskatinti vystyti itin svarbius ir pridėtinę vertę visai Europos Sąjungai suteikiančius infrastruktūros objektus, kurie yra gyvybiškai svarbūs ypač izoliuotiems regionams ir be kurių Europos Sąjungos vidaus rinka negali ir negalės efektyviai funkcionuoti.

  Philippe De Backer (ALDE). - Ik denk dat wij allemaal weten dat ons Europees transportnetwerk verre van volledig is en ik denk dat het belangrijk is om in de toekomstige periode via de trans-Europese netwerken en ook de Connecting Europe Facility te blijven investeren in die transportnetwerken. De projectobligaties zoals ze hier worden voorgesteld, vormen een element van die financiering en een belangrijk element.

Wij weten allemaal dat lidstaten het moeilijker en moeilijker krijgen om grote infrastructuurprojecten te financieren. Wij weten ook allemaal dat er heel veel slapend kapitaal aan de kant staat vandaag waardoor het heel moeilijk is om kapitaal te mobiliseren om te investeren in de echte economie. De projectobligaties kunnen ertoe bijdragen om dat private kapitaal naar goede infrastructuurprojecten met Europese toegevoegde waarde te leiden.

De 230 miljoen die nu ter beschikking worden gesteld, zijn natuurlijk maar een begin, maar maken het wel mogelijk om een aantal kleinere projecten te financieren en tegelijkertijd ook op zoek te gaan naar antwoorden op een aantal technische vragen die vandaag nog bestaan bij veel investeerders, ook bij ratingbureaus, om die weg te werken en om in een volgende beleidsperiode echt ten volle de investeringen te kunnen doen, ook via die projectobligaties. Mijn fractie steunt dit voorstel dan ook ten volle.

  Riikka Manner (ALDE). - Arvoisa puhemies, arvoisa komission jäsen, niin kuin täällä on useaan kertaan todettu, on erittäin tärkeää, että me Euroopassa panostamme toimivaan infrastruktuuriverkkoon. Se on erityisen tärkeää meidän taloudellisen menestyksemmekin kannalta.

On hyvin merkityksellistä, että me pystymme tulevaisuudessa entistä enemmän myös käyttämään näihin hankkeisiin sekä yksityistä että julkista rahoitusta ja toki myös Euroopan unionin eri rahoitusvälineitä. Yksi merkittävä rahoituselementti tämän verkkojen Euroopan lisäksi tulee mahdollisesti tulevaisuudessa olemaan aluekehitysrahastot, ja varmasti tulevalla kaudella myös niissä entistä enemmän painotetaan näitä infrastruktuurihankkeita.

On tärkeää, että me myös katsomme Eurooppaa laajalti, kun me kehitämme infrastruktuuria. Tällä hetkellä siinä on pitkälti monta kertaa keskitytty keskiseen Eurooppaan. Myös pohjoisen Euroopan tarpeet on huomioitava tässä.

Catch-the-eye procedure

  Roberta Angelilli (PPE). - Signor Presidente, onorevoli colleghi, l'avvio dei project bond rappresenta una prima fase importante del patto per la crescita. Si tratta di un progetto pilota, accompagnato forse da un'eccessiva prudenza e da un budget fin troppo simbolico, meno di 5 miliardi di euro per 27 Stati membri, però è comunque un segnale apprezzabile di concretezza, è un'apertura verso nuovi strumenti per raccogliere fondi privati da impiegare in investimenti infrastrutturali strategici, anche per rendere competitiva l'economia europea e creare nuovi posti di lavoro.

Concordo con chi ha invocato il rigore nelle valutazioni, l'alta qualità e l'affidabilità dei progetti, la misurabilità dei risultati, ma dopo la prima fase sperimentale apriamoci a progetti più ambiziosi, che consentano un'autentica e strategica fase di sviluppo e di crescita in Europa.

  Sergio Gaetano Cofferati (S&D). - Signor Presidente, onorevoli colleghi, abbiamo sentito questa mattina come il Presidente cipriota faccia affidamento sulla costruzione delle reti, sia quelle che riguardano l'energia e le telecomunicazioni, sia quelle che riguardano i trasporti, ma per la realizzazione di queste reti servono molte risorse. Quelle oggi stanziate non sono sufficienti!

La costruzione di reti vale se fatta convenientemente, per dare un'idea concreta di crescita compatibile e dall'altra parte per rendere appetibile per i grandi investimenti questa parte del mondo. Sono dunque uno strumento per la crescita sostenibile da un lato, e per lo sviluppo del lavoro dall'altro.

Per questa ragione la priorità a me pare quella del reperimento di risorse per realizzare questi obiettivi. D'altro canto, nessun privato investirà se non vedrà uno sforzo straordinario soprattutto da parte degli Stati e della mano pubblica. Noi abbiamo questa possibilità e questo compito che considero risolutivo rispetto alle politiche per lo sviluppo.

  Jan Kozłowski (PPE). - Panie Przewodniczący! Chcę pogratulować koledze Färmowi bardzo interesującego sprawozdania. Zgadzam się ze sprawozdawcą, że multimodalne korytarze transportowe są kluczowe dla wzrostu gospodarczego i kontaktów ekonomicznych z partnerami zewnętrznymi. Ze względu na wysokie koszty inwestycji transportowych i energetycznych, wspieranie większego zaangażowania sektora prywatnego i korzystanie z instrumentów zwrotnych mają tu podstawowe znaczenie. Dlatego też koncepcja obligacji projektowych wydaje się interesująca i warta pogłębionej analizy. Jestem przekonany, że etap pilotażowy tego rozwiązania przyniesie wiele dodatkowych informacji dotyczących zwłaszcza reakcji sektora prywatnego.

Mam nadzieję, że te nowe możliwości inwestycyjne przyczynią się do zredukowania dysproporcji między regionami europejskimi, co – moim zdaniem – ma kluczowe znaczenie dla rozwoju gospodarczego i konkurencyjności Unii Europejskiej.

  Silvia-Adriana Ţicău (S&D). - Etapa-pilot a Iniţiativei Europa 2020 de emitere de obligaţiuni pentru finanţarea de proiecte ar trebui să fie lansată pentru a pregăti facilitatea „Conectarea Europei” aşa cum ne dorim să aibă loc cât mai repede. Etapa-pilot ar trebui să fie finanţată în 2012 şi 2013, prin realocări bugetare, de la programele curente din domeniile transporturilor, energetic şi al telecomunicaţiilor. Astfel, pentru această iniţiativă ar putea fi realocate până la 200 de milioane de euro de la bugetul TEN-T, până la 20 de milioane de euro de la bugetul Programului-cadru pentru competitivitate și inovare şi până la 10 milioane de euro de la bugetul TEN-E.

Banca Europeană de Investiţii ar trebui să solicite fonduri bugetare pe baza unei liste de proiecte pe care banca le consideră corespunzătoare şi posibil de realizat. Este însă important ca statele membre să trimită aceste cereri până la 31 decembrie 2013 şi, doar în cadrul proiectelor foarte complexe de infrastructură, până la 31 decembrie 2014. Deci acum este momentul să pregătim o bună absorbţie în cadrul viitorului cadru financiar multianual.

  Jaroslav Paška (EFD) - Niet pochýb o tom, že Európske hospodárstvo potrebuje účinný impulz na prelomenie pretrvávajúcej stagnácie. Predpoklad, že inovatívne formy financovania zmysluplných projektov transeurópskych dopravných a energetických sietí prinesú rýchlejšiu realizáciu týchto projektov, technologický pokrok a nárast pracovných možností v Únii, sa môže naplniť len pri skutočne dobre manažovanom nakladaní s použitými finančnými prostriedkami.

Odskúšanie nových mechanizmov v pilotnej fáze je určite prejavom istej opatrnosti pri realizácii tejto myšlienky. A preto by už od počiatku mala Európska investičná banka aj Európska komisia spolupracovať s nezávislými expertnými pracoviskami, aby už v tejto fáze nastavila navrhovaný systém na dlhodobo udržateľnú a efektívnu úroveň s minimálnymi rizikami.

V každom prípade by hlavným cieľom týchto nových foriem investovania nemalo byť iba získanie finančných prostriedkov, ale najmä zrealizovanie dôležitých investícií s preukázateľne dobrou návratnosťou.

  Elena Băsescu (PPE). - În momentul de faţă există o nevoie urgentă de a stimula investiţiile în infrastructura din domeniul transporturilor, al energiei şi al tehnologiei informaţiilor şi comunicaţiilor. Consider că Iniţiativa Europa 2020 de emitere a obligaţiunilor pentru finanţarea proiectelor va mobiliza resurse mai consistente din partea sectorului privat. Acest lucru trebuie făcut cât mai curând posibil, pentru a contribui la relansarea economiei europene.

Etapa-pilot este utilă pentru că va familiariza investitorii cu structura şi funcţionarea obligaţiunilor. Totodată, ea va oferi posibilitatea de a evalua instrumentul, înainte de a fi implementat. Datorită contribuţiei din partea Uniunii şi B.E.I. obligaţiunile vor deveni mai sigure, reducând riscurile asumate de către investitori. În ultimii ani, B.E.I a acordat sprijin ţării mele în valoare de peste 3,8 miliarde de euro pentru proiecte de infrastructură.

(End of catch-the-eye procedure)

  Werner Hoyer, President of the European Investment Bank. − Mr President, honourable Members, I should like to thank you for the broad consensus and support you gave to this initiative and also to our Bank which will play an important role in the implementation of this initiative.

It is going to be a very ambitious project and the work is going to start now. We have to deal with this with diligence and resolve at the same time, and we have to be ready to subject the outcome of all this to an objective test and to scrutiny and evaluation. I can assure you that the Bank is going to be ready to participate in this critical and honest review of what has been achieved within a relatively short period of time.

We do not want to discredit this new instrument; we want it to be a success. That means that we have to play with open cards and with very precise and clear criteria that will be the benchmark for the evaluation of success of this instrument.

One of the advantages of the European Investment Bank is that it is not only a Bank with lots of highly-qualified capital market personnel, but it is also a Bank which can do its work on the basis of deep knowledge and expertise in engineering and science.

This is what is needed here in many cases, because if we want to be loyal to our principles it is necessary to test the submitted projects critically in view of technology and technical viability and also from the financial point of view. This is what the EIB is going to guarantee in this process. Then we will come back and report to you.

Herr Turmes hat natürlich Recht, wenn er sagt, unter der Project-1-Garantie ist die Finanzierung von Energieproduktion jetzt so nicht möglich. Das bedauere ich zum Teil auch. Wir müssen dann darüber reden, ob in Zukunft die Programmierung von Strukturfondsmitteln und anderen EU-Fonds leichter umorganisiert werden kann, um schneller handeln zu können. Es wäre z. B. gut, wenn wir jetzt bei manchen Aktivitäten, die wir in Griechenland entfalten, schneller handeln könnten. Aber das ist eine Angelegenheit, die wir im Zusammenwirken von Parlament, Rat und Kommission gemeinsam mit der Bank in Angriff nehmen müssen. Jedenfalls wird die Bank nach wie vor auf dem Gebiet der Windenergie in der Nordsee und in der Ostsee und an vielen anderen Stellen sehr aktiv sein und bleiben, da lassen wir uns von niemandem übertreffen.

Letzter Punkt: Ein Wort zu Risiko. Meine sehr verehrten Damen und Herren!

Mr President, under the project bonds initiative the EIB will guarantee only up to 20% of the senior debt. We will not remove the risk from equity. The private sector that has equity will pay a market premium for credit enhancement. This is, therefore, very important, because credit enhancement is not a 100% guarantee for the private sector.

Private-sector risk remains the best means of ensuring that the projects selected are economically and financially sound. So EIB due diligence and independent decision-taking is going to be a key part of the success story of the project bond initiative.

  Olli Rehn, Vice-President of the Commission. − Mr President, honourable Members, I would like to join President Hoyer and thank you for a very substantive and constructive debate. I would also like to thank you for your very strong support for the Europe 2020 project bond initiative, the basic idea of which is to stimulate private investment through public risk-sharing investment by the Commission and the EIB, to be used for large-scale investment in infrastructure.

It is important to get concrete on this once it has been adopted. The Commission and the EIB will sign a cooperation agreement as soon as possible after the final adoption of the proposal by the Council in July. As regards concrete projects, my understanding is that the EIB is already receiving expressions of interest and has started assessing a number of potential projects in the three sectors – transport, energy and communications – in order to start seeing signatures soon for these projects.

Of course we know that the pilot phase has a budget of only EUR 230 million. This means that we must use this pilot phase in order to make the case for increased funding on investment and growth in the next multifinancial framework for communication and transport, for energy, security and green growth. Indeed this pilot phase must pave the way for a reinforced contribution from the EU budget as well for these important objectives. We regard the project bonds as an integral part of the Connecting Europe Facility from 2014 onwards, which is an important example of the focus on growth and investment in the next multifinancial framework.

The commitments made by EU Member States and the Union as a whole to address the current crisis and to mobilise growth and jobs are very substantial. They have to be, because the well-being of every European citizen depends on the well-being of Europe as a whole. In the middle of difficult national debates on the necessary policy measures, it is of crucial importance that we can demonstrate the benefits of Europe in very concrete terms to our citizens and do so as soon as possible. This is a further reason why the project bond initiative plays an important part in our overall European growth agenda.

  Andreas Mavroyiannis, President-in-Office of the Council. − Mr President, with full respect to some dissenting voices, I believe that this is one of these rare moments where we have an exceptionally broad consensus on an innovative idea. I would like to thank you all for this very constructive debate.

Some have said that the figure of EUR 230 million is rather low, but, as I said at the outset, this figure is intended to act as a lever for many larger volumes of investment in the future. Several of you have underlined the need to carefully choose the projects, and I very much agree. Some have also said that we need to ensure long-term added-value at the European level. I believe that both the President of the EIB and Commissioner Rehn have provided the necessary reassurances in this regard. I agree also with those who emphasised the importance of the evaluations.

Now, of course, the next steps will be key. Once Parliament and the Council have approved the text, we will be able to launch the implementation of the pilot phase. We want to see projects being financed as soon as possible and to assess how the initiative is received by market participants. It will also be important that the Commission and the EIB maintain close dialogue, both with the European Parliament and the Council at this early stage, and that lessons from the pilot phase are properly taken into account for the second phase.

  Göran Färm, rapporteur. − Mr President, colleagues, thank you very much for this enlightening debate. Let me just conclude with a few comments.

First, on the need for the instrument. Insufficient levels of investment are a major problem for Europe. This is a structural rather than temporary problem, and the present crisis has made it much more difficult to deal with and to change the situation. That is why we need new additional instruments.

What kind of projects will be financed? I agree with Mr Hoyer; to begin with the focus will probably be on more developed markets. I warmly thank President Hoyer for pointing out that a wider perspective may be possible in the future, when the instrument will be able to target other things as well. That is also very important.

On criteria, Mr Turmes and some others have raised the idea of having other kinds of projects, such as renewable energy projects. I am quite open to that. Let us have a discussion for the coming multiannual financial framework on a more permanent phase for the financial instruments and project bonds. I am quite open to this idea with regard to the evaluation of this pilot phase.

I would say that the main discussion here has been about the risks. I know that some Member States, including my own, have been reluctant to accept this initiative but I hope that this debate has reduced their worries. We are not taking any unreasonable risks with taxpayers’ money and we really need this additional effort.

Do we socialise risk and privatise profits? I would say that with these guarantees we will be able to mobilise resources which otherwise would stay in the coffers or end up in the speculative markets. It is taxpayers who gain the most from such an approach.

The risk is strictly limited. There are no contingent liabilities. If we are given a choice between using EUR 230 million for grants, which will lead to investments of only EUR 230 million, and using EUR 230 million as an innovative financial instrument which might mobilise billions, then we will see that the way we are taking now is quite good.

I began by thanking colleagues; let me also say a big ‘thank you’ to the Committee on Budgets. The secretariat there has done a fantastic job, and so has my own office.

  President. − The debate is closed.

The vote will take place tomorrow (Thursday, 5 July 2012).

Written statements (Rule 149)

  Sergio Berlato (PPE), per iscritto. – Il mercato interno europeo, per dispiegare tutte le sue potenzialità, necessita di una rete infrastrutturale dei trasporti e dell'energia efficiente e capillare. La relazione in discussione si focalizza sui prestiti obbligazionari, pensati dalla Commissione europea per attrarre un maggiore volume di investimenti privati a partire dal 2014 e, in particolare, sulla fase pilota nel 2012-2013, finalizzata a verificarne l’efficacia ed a testare il mercato. A mio avviso, dovrebbero essere attivati tutti i meccanismi di controllo e gestione necessari a far sì che la fase pilota venga avviata con successo il più rapidamente possibile. Inoltre, a fronte di un fabbisogno di oltre 1.500 miliardi di euro per la realizzazione delle infrastrutture (per il periodo 2010-2020) e di un investimento degli Stati membri compreso tra lo 0,5 e il 2% del PIL, è necessario aumentare considerevolmente il volume delle dotazioni e integrare le fonti di finanziamento esistenti e quelle in programma. In questo contesto, infatti, ritengo che 230 milioni di euro siano oggettivamente insufficienti per la realizzazione di progetti con rendimenti di medio-lungo periodo. Infine, gli Stati membri dovrebbero avviare, completare o attuare le riforme volte a favorire gli investimenti privati, a cominciare dalla semplificazione e dallo snellimento delle procedure burocratiche.

  Jaromír Kohlíček (GUE/NGL), písemně. – EU pracuje v sedmiletém období s 1,05 % HDP jednotlivých členských států jako s výdajovým limitem. Není divu, že je to pro infrastrukturní investice poněkud málo. Je logické, že za těchto okolností vidíme snahu o nalezení doplňkových zdrojů pro financování transevropských dopravních a energetických sítí. Návrh nařízení EP a Rady je takovým pokusem. Nyní by se měla rozvinout pilotní fáze projektu a v dalším plánovacím období už by tato iniciativa pro projektové dluhopisy v rámci nástroje na propojení Evropy měla přinést dostatečné množství prostředků také od soukromých investorů. Protože jde o dluhopisy referenční – při splácení různých dluhopisů jsou zařazeny bezprostředně za dluhopisy Světové banky –, jedná se o bezpečný nástroj pro institucionální investory, např. různé fondy. V pilotní fázi projektu bylo stanoveno, že na transevropské dopravní sítě má být v období 2012–2013 určeno 200 milionů EUR, na energetické sítě 10 milionů EUR a na rámcový program pro konkurenceschopnost a inovace a na projekty IKT a širokopásmové služby do 20 milionů EUR. Přitom je stanoveno, že u jednotlivých akcí budou prostředky takto získané tvořit relativně malou část investovaného kapitálu. Předpokládá se multiplikační účinek koeficientem 15 až 20. Vzhledem k tomu, že se jedná o podporu infrastrukturních investic, GUE/NGL nařízení podporuje.

  Véronique Mathieu (PPE), par écrit. – Les "project bonds" répondent aux besoins en investissements en Europe et c'est pourquoi je salue le lancement de la phase pilote des emprunts obligataires. La garantie de la BEI à hauteur de 230 millions permettra de démultiplier la mobilisation des capitaux privés et joue donc un rôle de levier. Cet instrument est particulièrement pertinent dans un contexte où les banques sont frileuses à accorder des financements. Les emprunts obligataires répondront aux besoins en investissements dans le domaine des infrastructures relatives aux transports, à l'énergie et aux technologies de l'information. Cette phase pilote devra être évaluée afin de confronter la pertinence de cet outil à la réalité.