8 Amendments of Luke Ming FLANAGAN related to 2016/0276(COD)
Amendment 21 #
Proposal for a regulation
Recital 1
Recital 1
(1) Since the Investment Plan for Europe was presented in November 20143 , the conditions for an uptake in investment have improved and confidence in Europe’s economy and growth arshould be returning. The Union is now in its fourth year of moderate recovery, with Gross Domestic Product growing at 2% in 2015. The comprehensive efforts initiated with the Investment Plan are already delivering concrete results, despite the factAfter several years of little or no recovery, there was an increase of 2% in Gross Domestic Product in 2015. While this is encouraging, there is no evidence to show that this is in any way related to the Investment Plan, as thate macroeconomic effects of larger investment projects cannot be immediate. Investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical levels, however, remains at worryingly low levels though the hope is that it will pick up gradually through 2017. _________________ 3 COM(2014) 903 final.
Amendment 24 #
Proposal for a regulation
Recital 2
Recital 2
(2) That positive momentum, little as it is, should be maintained and even accelerated, and efforts need to be continued to bring investment back to its long-term sustainable trend. TWhile it's not yet certain that the mechanisms of the Investment Plan work and, caution should be reinforced to continueexercised in the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain.
Amendment 29 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid- 2018. TOf greatest significance is the fact that the market absorption has been particularly quick under the SME Window where the EFSI is delivering well beyond expectations. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of Regulation (EU) No 2015/1017. A larger share of financing is to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.
Amendment 35 #
Proposal for a regulation
Recital 6
Recital 6
(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its success, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, Member States should also contribute as a matter of priority. Care must also be exercised by the EIB in the control of those funds, however, to ensure that Member States do not use those additional funds as an excuse to abrogate their own responsibilities and reduce or even to end public investment in public services.
Amendment 43 #
Proposal for a regulation
Recital 8
Recital 8
(8) The extended EFSI should address remaining market failures and sub-optimal investment situations and continue to mobilise private sector financing in investments crucial for Europe’s future job creation – including for the youth –, growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, as well as the digital transformation. In particular, the contribution of operations supported by the EFSI to achieving the Union's ambitious targets set at the Paris Climate Conference (COP21) should be reinforced. Environmentally friendly energy interconnection priority projects and energy efficiency projects should also be increasingly targeted, but only after any and all local impact concerns have been addressed, including proper consultation with those most affected by those projects. In addition, EFSI support to motorways should be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of sustainable agriculture, sustainable fishery and aquaculture that is proven to be non-environmentally destructive, come within the general objectives eligible for EFSI support.
Amendment 67 #
Proposal for a regulation
Recital 17
Recital 17
(17) The EIB and the EIF should ensure that the final beneficiaries, includingespecially SMEs, are informed through a targeted advertising campaign of the existence of EFSI support, so as to enhance the visibility of the EU guarantee granted under Regulation (EU) 2015/1017.
Amendment 69 #
Proposal for a regulation
Recital 19
Recital 19
(19) The operations supported by the EFSI should adhere in every aspect to the Union's principles of tax good tax governance.
Amendment 71 #
Proposal for a regulation
Recital 21
Recital 21
(21) The European Investment Advisory Hub (EIAH) should be enhanced and its activities should focus on needs not covered adequately under current arrangements. It should pay particular attention to supporting the preparation of projects involving two or more Member States and projects that contribute to achieving the objectives of COP21. Notwithstanding its objective to build upon existing advisory services of the EIB and the Commission, so to act as a single technical advisory hub for project financing within the Union, the EIAH should also contribute actively to the objective of broadly proportional sectorial and geographical diversification of the EFSI and support the EIB where needed in originating projects. It should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of Union funding with the EFSI.