Activities of Alessia Maria MOSCA related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (A8-0139/2015 - José Manuel Fernandes, Udo Bullmann) IT
Amendments (43)
Amendment 113 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required, especially in Countries with limited fiscal capacity, to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditions can contribute to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 176 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing, with the aim of reducing unemployment level and boosting growth in Europe. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 197 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives. or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or investments implementing the EU Macro-regional strategies and operations between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union. The investment should guarantee high economic, social and environmental value added, promoting quality jobs, sustainable innovation, skills and high quality employment, integrating and completing the single market, boosting the competitiveness of the EU. These strategic projects should benefit from positive externalities created by public investment and European Structural and Investment Funds in order to achieve Union policy objectives, including economic convergence between Member States and social cohesion.
Amendment 224 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies,including unincorporated enterprises, as well as mid-cap companies, business clusters and networks across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 230 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) To underpin confidence in infrastructure investment throughout the Union, the EFSI should allow the EIB to offer guarantees covering political risks associated with a breach of contract by a Member State under a concession agreement, similar to the guarantees offered by the World Bank's Multilateral Investment Guarantee Agency (MIGA). Risks covered by the guarantee could include breach of contract, non- honouring of financial obligations and expropriation.
Amendment 238 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterpriseprovision of EFSI funding to small and medium enterprises, unincorporated enterprises, business clusters and networks and small mid-cap companies shouldmay be channelled through the European Investment Fund ('EIF') and the EIB to benefit from itstheir experience in these activities.
Amendment 242 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterprises, unincorporated enterprises, business clusters and networks and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 265 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value and contributing to the objective of reducing unemployment. In particular, the EFSI should target projects that promote job creation, long- term growth and competitiveness and that favour convergence between European Regions. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 289 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments and finance their riskier tranche to ensure additionality over existing operations. The EFSI should aim at financeing projects across the Union, including in the countries most affectwhole of the Union, above all where investment in percentage of GDP has substantially declined, by the financial crisiaking into account the criteria of additionality and high risk- profile in its investment policies. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 313 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technic, technically and environmentally viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 343 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. In order to select the best projects and to ensure the achievement of the EFSI objectives, the Investment Committee should cooperate with national and sectorial investment platforms. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 355 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000 additional investment by the EIB and EIF. This EUR 60 800 000 000 supported by the EFSI is expected to generate a total of at least EUR 315 000 000 000 in additional investment in the Union within the period 2015 to 2017. Additional Member State contributions to the EFSI's capital would increase this amount and thereby bring the Fund's investment closer to actual needs. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 358 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact. National co-financing of operations supported by the EFSI, including in the transition period, are eligible to the flexibility within the existing rules of the Stability and Growth Pact, provided for by the Commission Communication of 13 January 2015, in accordance with the conditions and limits there included.
Amendment 384 #
Proposal for a regulation
Recital 20
Recital 20
(20) At the level of projects, third parties may co-finance together with EFSI on a project-by-project basis or in investment platforms related to specific geographic or thematic sectors.
Amendment 411 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds. In any case, projects receiving funding under the EFSI, including any national complementary support assessed under a simplified and accelerated State aid assessment, will have to fully comply with the current legislation on State aids.
Amendment 414 #
Proposal for a regulation
Recital 23
Recital 23
Amendment 430 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularly evaluate activities supported by the EFSI and their overall contribution to the achievement of the EFSI objectives with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 455 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget. The guarantee fund should subsequently also receive revenues and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB. Any surplus in the guarantee fund or remaining remuneration should constitute internal assigned revenue for any lines of the European budget which may have been used as a source of redeployment to the EFSI guarantee fund.
Amendment 482 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3 , should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected toshould ensure a greaterlevel of investment in certainthe areas of their respective mandates th, namely research, development and is possible through the existing programmesnnovation and transport, telecommunications and energy infrastructure, at least equal to the contributions made from the Union budget. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 500 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to credit constraints in certain Member States or to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future investment projects in the Union suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 533 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Member States should receive equal treatment with regard to one-off measures consisting of financial contribution to the EFSI investments. National contributions to EFSI eligible investment platforms and individual projects, via direct public budget transfers or National Promotional Banks, including those undertaken in the transitional period referred to by article 20 will be considered by the Commission in the assessment to be made under the existing rules of the Pact the same way as one-off capital contributions to the EFSI.
Amendment 534 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Member States should receive equal treatment with regard to one-off measures consisting of financial contribution to the EFSI investments. National contributions to EFSI eligible investment platforms and individual projects, via direct public budget transfers or National Promotional Banks, including those undertaken in the transitional period referred to by article 20 will be considered by the Commission in the assessment to be made under the existing rules of the Pact the same way as one-off capital contributions to the EFSI.
Amendment 574 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to boost growth and favour job creation, through the support for investments in the Union and to ensure, including projects between a Member State and a third country, and an increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 578 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2 – point 1 (new)
Article 1 – paragraph 1 – subparagraph 2 – point 1 (new)
(1) Definitions For the purposes of this Regulation, the following definitions apply: a)´EFSI Agreement´ means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the management of the EFSI; b) ´national promotional banks or institutions´ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a public mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities on a non-commercial basis, seeking to address market failures; c) ´investment platforms´ means special purpose vehicles, managed accounts, contract-based co-financing or risk sharing arrangements or arrangements established by any other means by which investors channel a financial contribution in order to finance a number of investment projects and which may include national platforms that regroup several investment projects on the territory of a given Member State, multi- country or regional platforms that regroup several Member States interested in large projects in a given geographic area, or thematic platforms, which could gather investment projects in a given sector; d) 'small and medium-sized enterprises (SMEs)' means micro, small and medium-sized enterprises as defined in Commission Recommendation 2003/361/EC; e) ´mid-cap companies´ means legal entities having up to 3000 employees and that are not SMEs. f) 'unincorporated enterprise' means a producer unit which is not incorporated as a legal entity separate from the owner (household, government or foreign resident); g) 'business cluster' means a network of connected businesses, suppliers, and associates in a specific field that are all located in the same geographical area.
Amendment 732 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member States that become parties to the EFSI Agreement shall be able to provide their contribution, in particular, in the form of cash or a guarantee acceptable to the EIB. Other third parties shall be able to provide their contribution only in cash.
Amendment 762 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in order to maximise growth and job creation and in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson.
Amendment 767 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall pay particular attention to closing investment gaps and accounting for the prevailing business cycle conditions across Europe.
Amendment 844 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining any potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic locincluding the criteria of additionality, as determined by the Steering Board pursuant to Article 5(2a), as well as approving the support of the EU guarantee for operations under this regulation.
Amendment 865 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixeight independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance and be appointed by the Steering Board for a renewable fixed term of three years. structuring and project financing, as well as macroeconomic expertise. The Investment Committee shall have a pluridisciplinary composition encompassing a broad range of expertise in various sectors, such as research and development, transport and SMEs. It shall be appointed by the Steering Board for a renewable fixed term of three years. When appointing the Committee, the Steering board shall take into account the gender balance of the members.
Amendment 889 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. When carrying out their duties, the members of the Investment Committee shall act impartially, in good faith and in the interest of the objectives of the EFSI and of the European Union. The members shall be chosen from persons whose independence is beyond doubt and shall not have any conflict of interests. The members shall not seek nor take instructions from the EIB, the Union institutions, Member States or any other public or private body. EIB staff may assist with analytical, logistical, and administrative support. However, any project assessment conducted by EIB staff shall not be binding on the Investment Committee.
Amendment 900 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within then irrevocable and unconditional guarantee for financing or investment operations carried out within the Union, or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or investments implementing the EU Macro-regional strategies and operations between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union, covered by this Regulation ('EU guarantee'). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 1052 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects with a higher risk profile than existing EIB and Union instruments so as to ensure additionality over existing operations. The EFSI shall support projects which fulfil the following criteria: a) the pursuit of the Union objective of smart, sustainable, long-term and inclusive growth and having high societal and economic value, the highest possible positive impact on quality job creation, economic convergence between European regions and EU added value; b) a focus on operations that could not have been carried out using the Union budget or by the ordinary activity of the EIB, nor financed by the market; c) be viable from an economic perspective, according to a comprehensive assessment in which not only the project itself but also its overall impact on the economy and its ability to trigger subsequent investments, such as from the private sector, is to be carried out; d) would not have received financing from any other existing Union fund due to a non-availability of the required financing in the market; e) has a higher risk profile than projects supported under existing EIB activity, taking account of the fact that real additionality can only be ensured when financial resources are concentrated on projects not financed otherwise; the design of the appropriate measures is to be elaborated under the procedures of Article 3(1); f) Projects with positive socio-economic impact, taking into consideration the specificities of the sector of the project; g) Projects that can contribute to close EU countries´ investment gaps and properly address market failures; 2b. Acknowledging that projects of any size can bring the European economy forward, there shall be no restrictions on the size of projects to be targeted by the EFSI.
Amendment 1085 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) EIB loans, guarantees, including guarantees covering political risks, counter- guarantees, capital market instruments, microfinance and any other form of funding or credit enhancement instrument, equity or quasi- equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, including cross-border operations between a Member State and a third country, in compliance with this Regulation and where EIB financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled;
Amendment 1087 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi- equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, including cross-border operations between a Member State and a third country, in compliance with this Regulation and where EIB financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled;
Amendment 1095 #
Proposal for a regulation
Article 6 – paragraph 2 – point b a (new)
Article 6 – paragraph 2 – point b a (new)
(ba) loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi- equity participations by dedicated investment platforms or national promotional banks in accordance with Article 5. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in compliance with this Regulation and where financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled;
Amendment 1166 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
The Commission shall be empowered to adopt delegated acts in accordance with Article 17 adjustreducing the target amount provided for in paragraph 5 by a maximum of 10% to better reflect the potential risk of the EU guarantee being called.
Amendment 1182 #
Proposal for a regulation
Article 8 – paragraph 9 a (new)
Article 8 – paragraph 9 a (new)
9a. The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development, and to act as a single technical advisory hub for project financing within the Union. This shall include providing support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of Union legislation. EIAH shall provide targeted support in those areas taking into account technical assistance needs and capacity building gaps whenever they surface across Europe, irrespective of their geographic location. To meet the objective referred to in the first subparagraph, the EIAH shall engage the expertise of the EIB, the Commission, national promotional banks and the managing authorities of the European Structural and Investment Funds. Access to expertise from the EIAH shall be free of charge for project promoters. EIB shall ensure that the staff involved in carrying out the tasks of the EIAH shall be organisationally separate from, and be subject to separate reporting lines vis-a-vis, the staff involved in carrying out other tasks conferred upon EIB. In order to ensure the best possible regional and territorial reach across the Union for such advisory services and support, the work of the EIAH shall be reinforced by, and closely networked with, similar structures at national level, such as those provided by national promotional banks or adequate public agencies.
Amendment 1200 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5)o identify bankable and EU-added value projects for the pipeline, the Commission and the EIB should involve all relevant stakeholders. The pipeline is without prejudice to the final projects selected for support according to Article 3(5). The Commission and the EIB, with support from the Member States, shall also put in place promotional activities directed at potential investors to promote the EFSI and ensure the highest possible level of contributions to the fund.
Amendment 1216 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regular and structured basis, information on current and future investment projects in their territory, in order to increase the EFSI visibility and to assure its accountability towards EU citizens.
Amendment 1235 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis; this assessment should be accompanied by an opinion of an independent external auditor;
Amendment 1278 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June of each year, send to the European Parliament, the Council and the Court of Auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year. In addition, the Commission shall include the EFSI in the annual evaluation report on the Union's finances. The assessment shall be based also on the results achieved in accordance with Article 318 TFEU, second subparagraph, in particular with reference to the underlying assumptions of the Plan in terms of new investment generated and jobs created.
Amendment 1350 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditorsexternal audit of the activities undertaken in accordance with the EFSI Regulation is carried out by the European Court of Auditors in accordance with Article 287 TFEU.
Amendment 1466 #
Proposal for a regulation
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
National co-financing of those operations will benefit from the flexibility within the existing rules of the SGP provided for by the Commission Communication of 13 January 2015 according to its terms and conditions.