Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-04-27-Speech-1-084-000"
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"en.20160427.16.1-084-000"2
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"Madam President, the EIB is mostly about big investments in big projects. It raises its funds on the international money markets. Here, though, I have a few very pertinent points for you, Mr Hoyer.
The major source of employment across the EU are SMEs – small and medium enterprises. The best way to grow our way out of the malaise currently afflicting the EU is through expanding our SMEs. The cheapest source of money in the EU at the moment is the ECB.
Given all the above, I suggest the EIB should lower its sights a little and, in a proactive way, open its arms and its coffers to SMEs. I suggest also, rather than go to international money markets for its millions, the EIB should go to the ECB for funding at negative interest rates.
If there are some rules preventing that, I am sure the same ECB will find a way around them. After all, they managed it in Ireland in 2010 when they found a way around their own rules and the use of Emergency Liquidity Assistance (ELA) to create EUR 31 billion to bail out failed creditors of two failed Irish banks. The same EUR 31 billion is now in the process of being destroyed and taken back out of circulation at the insistence of the same ECB. Not very good for investment in Ireland really, is it?"@en1
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