Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-545-000"
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"en.20120418.26.3-545-000"2
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"Mr President, Commissioner, dear colleagues, over the last two and a half years, I have started most of my statements in this House by saying that Europe needs growth, and once again I say it today.
Austerity packages in those economies most strongly affected by the crisis have not generated growth because of a dysfunctional banking sector and high risk-aversion. Therefore, there is an urgent need to unlock EIB loans and guarantees to enable the private sector to become involved in important growth and job-creating projects, especially those cofinanced by the EU cohesion policy. In this context, mobilising all the potential resources that can become growth triggers requires special measures, and this is what this legislative proposal is about. It provides for the establishment of a risk sharing instrument with a view to facilitating the absorption of the European Regional Development Fund and the Cohesion Fund resources allocated to Member States covered by EU and IMF financial assistance programmes.
In these countries – and primarily in Greece – there are infrastructure and productive investment projects whose implementation has been blocked by the lack of private cofinancing. This is particularly the case with transport and environmental infrastructure projects which generate revenue from the collection of charges from users and whose value cannot be covered by grants financed through the cohesion policy. This is also the case with those productive investments for which the maximum allowable public aid is capped by State aid rules. These projects are at risk of not being implemented because private sector investors and banks either lack the liquidity to lend to projects and project promoters or are no longer willing to bear the risks of investing in the present circumstances.
The measure also foresees the possibility of financing other projects which are not cofinanced by cohesion policy programmes but which contribute to the achievement of the objectives of cohesion policy and bring important added value to the Union’s strategy for smart, sustainable and inclusive growth. The proposed measure will be implemented by the Commission at the request of the Member State concerned in agreement with the EIB or with another public or private institution with a public mission. The Member State concerned should address a formal request to the Commission identifying the projects and the funding needs to be covered by the risk sharing instrument. The Commission will assess the request and will set up and manage the facility jointly with the EIB.
The regulation provides a detailed description of the procedure to be applied for the establishment and implementation of a risk sharing instrument. We have also specified the budget ceiling for the risk sharing instrument, and we have specified that there are no contingent liabilities for the Union budget or the Member State concerned beyond the financial allocations dedicated to the risk sharing instrument. The Commission shall ensure that only projects for which the EIB or another interested institution with a public mission has taken a favourable financing decision are eligible for financing through this instrument.
I hope that, following tomorrow’s vote in the European Parliament, the Council will adopt this regulation promptly, allowing for joint signature by the European Parliament and the Council in May, as well as publication in the Official Journal of the European Union and entry into force on the same day."@en1
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