Activities of Sofia SAKORAFA related to 2018/0229(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council establishing the InvestEU Programme
Amendments (44)
Amendment 48 #
Proposal for a regulation
Recital 1
Recital 1
(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment. According to the most recent data on national accounts, there no indication of a significant surge in investment since the European Fund for Strategic Investments (EFSI) was launched, while growth is unevenly distributed among Member States and mainly export led. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address market failures and sub-optimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 51 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Acknowledges that one of the main barrier to business investment is the lack of demand resulting from austerity measures, that provoked a sharp drop in workers’ disposable income and in public consumption and investment; believes that only an increase in workers’ income and ambitious public investment will be able to avoid risks of continued weak growth, or even recession, and continuing high unemployment rates; urges to an immediate reverse of the austerity measures, repeal the budget deficit and public debt limits and create a broad public investment plan;
Amendment 53 #
Proposal for a regulation
Recital 3
Recital 3
(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable growth and jobs, such as the Capital Markets Union, the Digital Single Market Strategy, the Clean Energy for all Europeans package, the Union Action Plan for the Circular Economy, the Low- Emission Mobility Strategy, the Defence and the Space Strategy for Europe. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 56 #
Proposal for a regulation
Recital 4
Recital 4
(4) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. The strategies should be presented alongside the yearly National Reform ProgrammMember States develop their own national multiannual investment strategies as a way to outline and coordinate priority investment projects to be supported by national or Union funding, or by both. Theyse strategies should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the European Structural and Investment Funds, the European Investment Stabilisation Function and the InvestEU Fund, where relevant.
Amendment 59 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprisbe geared to social, economic and territorial cohesion and be capable of helping to increase aggregate demand and carry out investment in public infrastructure, which may subsequently leverage and boost private investment. Only a plan of this nature can be effective in reviving growth, fighting unemployment and combating social, economic and territorial inequalities. To that end, it should supportfavour projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union. and to encourage social and regional cohesion through the creation of quality jobs and the broadening and improvement of the productive base of Member States, especially those facing severe economic imbalances, suffering from austerity measures and undergoing violent structural adjustments;
Amendment 70 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Additionality, a key feature of the EFSI, should be strengthened in the InvestEU selection criteria. In particular, operations should only be eligible if they address clearly identified market failures or sub-optimal investment situations. InvestEU should not support public- private in infrastructure, given that these are in general more expensive for taxpayers and consumers.
Amendment 89 #
Proposal for a regulation
Recital 13
Recital 13
(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. Sizeable investments in the European infrastructure are fundamental to meet the Union's sustainability targets, including the 2030 energy and climate targets as well as the EU 2050 commitment to reduce Greenhouse gas emissions by 80-95%. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy, environmental, climate action, maritime and digital infrastructure. To maximise the impact and the value added of Union financing support, it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant Union programmes. Bearing in mind security threats, investment projects receiving Union support should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds such as the European Regional Development Fund providing support for security components of investments in public spaces, transport, energy and other critical infrastructure.
Amendment 108 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Union. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth and development, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. Particular attention should be paid to social enterprises. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should provide an opportunity to focus on specific, more targeted financial products.
Amendment 116 #
Proposal for a regulation
Recital 18
Recital 18
(18) The InvestEU Fund should operate under four policy windows, mirroring the key Union policy priorities, namely sustainable infrastructure; research, innovation and digitisation: SMEs; and social investment and skills. Supported actions should address market failures or sub-optimal investment situations at Union level or in one or several Member States, in a proportionate manner, including vulnerable and remote areas such as the outermost regions of the Union and should have a clear European added value.
Amendment 121 #
Proposal for a regulation
Recital 19
Recital 19
Amendment 126 #
Proposal for a regulation
Recital 20
Recital 20
Amendment 135 #
Proposal for a regulation
Recital 24
Recital 24
(24) The EU guarantee underpinning the InvestEU Fund should be implemented indirectly by the Commission relying on implementing partners with outreach to final recipients. A guarantee agreement allocating guarantee capacity from the InvestEU Fund should be concluded by the Commission with each implementing partner, to support its financing and investment operations meeting the InvestEU Fund objectives and eligibility criteria. TIn order to improve transparency, efficiency, accountability and ensure the appropriate use of the EU guarantee, the InvestEU Fund should be provided with a specific governance structure to ensure the appropriate use of the EU guarantee, completely separate from that of the EIB Group.
Amendment 141 #
Proposal for a regulation
Recital 27
Recital 27
Amendment 146 #
Proposal for a regulation
Recital 29
Recital 29
(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterpart's capacity to fulfil the objectives of the InvestEU Fund and contribute its own resources, in order to ensure adequate geographical coverage and diversification, to avoid disproportionate benefit to larger Member States with more developed capital markets, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners.
Amendment 152 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under the EU compartment of the InvestEU Fund focus on market failures and sub-optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach and avoid disproportionate benefit to larger Member States with more developed capital markets, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least three Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member States.
Amendment 154 #
Proposal for a regulation
Recital 31
Recital 31
Amendment 162 #
Proposal for a regulation
Recital 36
Recital 36
(36) In order to ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the InvestEU Fund, a local presence in each Member State and in regions of the InvestEU Advisory Hub should be ensured, where needed, taking into account existing support schemes, with a view to provide tangible, proactive, tailor-made assistance on the ground.
Amendment 169 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation establishes the InvestEU Fund providing for an EU guarantee for financing and investment operations carried out by the implementing partners in support of the Union’s internal policies.
Amendment 175 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) 'implementing partner' means the eligible counterpart such as a financial institution or other intermediarybeing the European Investment Bank (EIB) Group, or national promotional banks or institutions with whom the Commission signs a guarantee agreement and/or an agreement to implement the InvestEU Advisory Hub;
Amendment 176 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
Amendment 178 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15
Article 2 – paragraph 1 – point 15
Amendment 183 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) the competitiveness of the Unsocial and regional cohesion, including innovation and digitisation;
Amendment 186 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) the integration of the Union capital markets and the strengthening of the Single Market, including solutions addressing the fragmentation of the Union capital markets,addressing diversifying sources of financing for Union enterprises and promoting sustainable finance.
Amendment 194 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase the access to and the availability of finance for SMEs and, in duly justified cases, for small mid-cap companies;
Amendment 244 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
Financing and investment operations under the sustainable infrastructure policy window referred to in point (a) of paragraph (1) shall be subject to climate, environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate, environment and social dimension. For that purpose, promoters requesting financing shall provide adequate information based on guidance to be developed by the Commission and avoiding any operations involving intensive fossil fuel infrastructures. Projects below a certain size defined in the guidance shall be excluded from the proofing.
Amendment 258 #
Proposal for a regulation
Article 8
Article 8
Amendment 264 #
Proposal for a regulation
Article 9
Article 9
Amendment 303 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
Amendment 304 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 3
Article 12 – paragraph 1 – subparagraph 3
Amendment 308 #
Proposal for a regulation
Article 12 – paragraph 2 – point d
Article 12 – paragraph 2 – point d
(d) achieves geographical diversification by Member State and by region;
Amendment 317 #
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
Amendment 330 #
Proposal for a regulation
Article 18
Article 18
Amendment 345 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 2
Article 19 – paragraph 5 – subparagraph 2
Conclusions of the Investment Committee approving the support of the EU guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval. The publication shall not contain commercially sensitive informat, the criteria applied and the scoreboard of indicators. Particular focus should be given on compliance with the additionality criterion.
Amendment 346 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 3
Article 19 – paragraph 5 – subparagraph 3
Amendment 348 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 4
Article 19 – paragraph 5 – subparagraph 4
Twice a year, the conclusions of, the criteria applied and the scoreboard indicators related to the Investment Committee rejecting the use of the EU guarantee shall be transmitted to the European Parliament and to the Council, subject to strict confidentiality requirements.
Amendment 364 #
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have local presence, where necessary. It shall be established in particular in in each Member States or and in regions that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1.
Amendment 378 #
Proposal for a regulation
Annex I – paragraph 1 – point a
Annex I – paragraph 1 – point a
(a) up to EUR 11 5000 000 000 for objectives referred to in point (a) of Article 3(2);
Amendment 379 #
Proposal for a regulation
Annex I – paragraph 1 – point b
Annex I – paragraph 1 – point b
(b) up to EUR 11 25000 000 000 for objectives referred to in point (b) of Article 3(2);
Amendment 380 #
Proposal for a regulation
Annex I – paragraph 1 – point c
Annex I – paragraph 1 – point c
(c) up to EUR 11 25000 000 000 for objectives referred to in point (c) of Article 3(2);
Amendment 381 #
Proposal for a regulation
Annex I – paragraph 1 – point d
Annex I – paragraph 1 – point d
(d) up to EUR 45 000 000 000 for objectives referred to in point (d) of Article 3(2).
Amendment 463 #
Proposal for a regulation
Annex II – paragraph 1 – point 12
Annex II – paragraph 1 – point 12
Amendment 471 #
Proposal for a regulation
Annex II – paragraph 1 – point 13 – introductory part
Annex II – paragraph 1 – point 13 – introductory part
13. Space, in particular through the development of the space sector with an exclusive focus on civil applications in line with Space Strategy objectives:
Amendment 475 #
Proposal for a regulation
Annex II – paragraph 1 – point 13 – point d
Annex II – paragraph 1 – point 13 – point d
(d) to foster Union's autonomy for safe and secure access to space, including dual use aspects.
Amendment 480 #
Proposal for a regulation
Annex III – point 2 a (new)
Annex III – point 2 a (new)
2a. Number of regions covered by projects;