5 Amendments of Georgios KYRTSOS related to 2015/0009(COD)
Amendment 89 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States, particularly on those Member States that are mostly affected by the financial and economic crisis. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness of the EU as an international investment market.
Amendment 151 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Notes that the European Commission´s Communication of 13th January 2015 calls for strengthening the link between structural reforms, investment and fiscal responsibility in support of jobs and growth. The Communication clarifies how three specific policy dimensions can best be taken into account in applying the rules. These relate to: (i) investment, in particular as regards the establishment of a new European Fund for Strategic Investments as part of the Investment Plan for Europe; (ii) structural reforms; and (iii) cyclical conditions. Respecting the Stability and Growth Pact, while making the best use of the flexibility which exists within its rules, was the focus of discussions of the June 2014 European Council and follows the commitment made in the Political Guidelines for the Commission.
Amendment 279 #
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 to ensure additionality over existing operations. The EFSI should finance projects across the Union, including in the countries mostly affected by the economic and financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 749 #
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 conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairpersonwhen establishing the investment and risk policy will be expected to avoid an excessive concentration of projects within a given sector or a geographic area. The Steering Board shall adopt investment guidelines for the use of the EU guarantee to be implemented by the Investment Committee. The investment guidelines shall be made publicly available.
Amendment 1036 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
EFSI will be expected to support projects of a higher risk profile and of high investment needs in order to address existing market failures. The projects supported by the EFSI shall not have been carried out under existing EIB and Union instruments and should ensure additionality while contributing to bridging investment gaps and promoting the EU and its Member States as a competitive international investment market.