Pan European Networks - Horizon 2020 - page 14

projects – it will be done by the technicians who
have the experience and knowhow to do so.
The EFSI will have a dedicated investment
committee made up of experts that will have to
validate every project from a commercial and
societal perspective and based on what added
value they can give to the EU as a whole.
“We are also proposing an ambitious roadmap
to make Europe more attractive and remove red
tape and regulatory bottlenecks. The answer is
not just financial, it is also regulatory, and a
single EU regulation can replace 28 sets of
laws. This is the best simplification machine.”
The Commission President then praised the
work of the EIB and designated the EU bank as
a “central player” in the Investment Plan.
Collective action
Juncker detailed the important role of both EU
member states and institutions in realising the
grand plan. He called on EU member states to
contribute financially to the EFSI, helping to
further achieve its potential (though the
Commission “will not count such capital
contributions” he said), and argued that national
economic growth would benefit the whole of
the Union.
“The €315bn of total expected investment is
not a ceiling. If we are successful, as I believe
we will be, we can even go beyond this. We
attract new investment and create a new “architecture”. He then
proceeded to outline the first of the three pillars of the Investment Plan.
“We are creating a new European Fund for Strategic Investments,
guaranteed with public money from the EU budget and the EIB. The EFSI
will be able to mobilise €315bn over the next three years.
“The Commission has put up €8bn from the EU budget. This backs up
a €16bn guarantee given to the EFSI, topped up by another €5bn from
the EIB, making €21bn. With a €21bn reserve, the EIB can give out loans
of €63bn – that’s fresh financing we have just injected into the economy.
Yet the EIB will not be acting alone and will be financing the riskier parts
of projects worth €315bn, meaning private investors will be pitching in
the remaining €252bn. This is the greatest effort in European history to
mobilise the EU’s budget to trigger additional investment, and without
changing the rules.”
Juncker then addressed the concerns of MEPs about drawing money
away from Horizon 2020 and the Connecting Europe Facility, and the
consequential impact on current research and infrastructure provisions.
The Commission President said that such funding would not be lost and
that “every euro from these programmes paid into the EFSI would create
€15 for those very same research and infrastructure projects”. He said
that the reallocations would “maximise input”, adding that through the
contributions of EU member states, the effects of the EFSI would be
even greater.
Route map
Juncker then detailed the remaining two pillars of the Investment Plan,
which help to realise new projects and reduce bureaucracy.
“We are setting up a credible project pipeline backed by a technical
assistance programme to link investments to mature, growth-generating
projects of European significance. It is not the job of politicians to choose
I S S U E S I X
H O R I Z O N 2 0 2 0 P R O J E C T S : P O R TA L
14
S P E C I A L F E AT U R E : A N I N V E S T M E N T P L A N F O R E U R O P E ?
The Commission
President described
the scheme as leading
Europe on the road to
investment recovery
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