17 Amendments of Andrea COZZOLINO related to 2018/0229(COD)
Amendment 33 #
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 and inclusive growth and jobs, such as the Capital Markets Union, the Digital Single Market Strategy, the European Agenda for Culture, 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 and the European Pillar of Social Rights. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 40 #
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 enterprises. To that end, it should support the dual value of cultural and creative sectors, projects that are technically and economically and socially 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 financial 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.
Amendment 44 #
Proposal for a regulation
Recital 6
Recital 6
(6) The InvestEU Fund should support investments in tangible and intangible assets, including cultural heritage, to foster growth, investment and employment, and thereby contributing to improved well- being and fairer income distribution in the Union. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 54 #
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. Accordingly, support from the InvestEU Fund should target investments into transport, including maintenance or upgrade of existing infrastructure assets with particular focus on safety and security assets, 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 60 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs), including those of the creative and cultural sectors, 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 and capable of creating job and social well-being. 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 65 #
Proposal for a regulation
Recital 17
Recital 17
(17) As set out in the reflection paper on the social dimension of Europe16 and the European Pillar of Social Rights17, building a more inclusive and fairer Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment and health. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, help increase employment, in particular among the unskilled and long- term unemployed, and improve the situation with regard to intergenerational solidarity, the health sector, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also contribute to the support of European culture and creativity. To counter the profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, microfinance, social enterprise finance and new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system, increasing the supply of and access to finance to micro- and social enterprises, to meet the demand of those who need it the most. The report of the High-Level Task-Force on Investing in Social Infrastructure in Europe18 has identified a total investment gaps of at least 1.5 trillion euros for the period between 2018 and 2030 in social infrastructure and services, including for education, training, health and housing, which call for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from alternative types of financial providers such as ethical, social and sustainable actors, and from foundations, should be harnessed to support the social market value chain development and a more resilient Union. _________________ 16 17COM(2017) 206. COM(2017) 206. 17 COM(2017) 250. COM(2017) 250. 18 Published as European Economy Discussion Paper 074 in January 2018.
Amendment 79 #
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23a) Member States and Regions may contribute to the Member State compartment in the form of guarantees or cash. Without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact (SGP), contributions by Member States in the form of cash or guarantee into the Member State compartment shall qualify as one-off measures, within the meaning of Article 5 of Council Regulation (EC) No 1466/97 and Article 3 of Council Regulation (EC) No 1467/97.
Amendment 114 #
Proposal for a regulation
Article 3 – paragraph 1 – point a a (new)
Article 3 – paragraph 1 – point a a (new)
(aa) the increase of the Union employment rate;
Amendment 115 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) the sustainabilitygrowth of the Union economy and its growthsustainability;
Amendment 119 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the social innovation resilience and inclusiveness of the Union;
Amendment 120 #
Proposal for a regulation
Article 3 – paragraph 1 – point c a (new)
Article 3 – paragraph 1 – point c a (new)
Amendment 121 #
Proposal for a regulation
Article 3 – paragraph 1 – point c b (new)
Article 3 – paragraph 1 – point c b (new)
(cb) the economic, territorial and social cohesion;
Amendment 150 #
Proposal for a regulation
Article 7 – paragraph 1 – point d
Article 7 – paragraph 1 – point d
(d) social investment and skills policy window: comprises ethical and sustainable finance, microfinance, social enterprise finance and social economy; workers buyout; skills, education, training and related services; social infrastructure (including social and student housing); integrated urban regeneration; social innovation; health and long-term care; inclusion and accessibility; cultural activities with a social goal; cultural and creative sectors, including with intercultural dialogue and social cohesion goals; integration of vulnerable people, including third country nationals.
Amendment 156 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – introductory part
Article 7 – paragraph 3 – subparagraph 2 – introductory part
The Commission guidanceinvestment guidelines shall allow to:
Amendment 157 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – point c
Article 7 – paragraph 3 – subparagraph 2 – point c
(c) estimate the impact on the social inclusion of certain areas orin terms of quality of life improvements and social cohesion, with particular attention to more vulnerable peopulationle living in certain areas.
Amendment 177 #
Proposal for a regulation
Article 9 – paragraph 5 a (new)
Article 9 – paragraph 5 a (new)
5a. Without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact (SGP), contributions by Member States in the form of cash or guarantee into the Member State compartment shall qualify as one-off measures, within the meaning of Article 5 of Council Regulation (EC) No 1466/97 and Article 3 of Council Regulation (EC) No 1467/97.
Amendment 178 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EU guarantee shall be granted to the implementing partners in accordance with [Article 219(1)] of the [Financial Regulation] and managed in accordance with [Title X] of the [Financial Regulation]. The guarantee shall be irrevocable, unconditional and on first demand to eligible counterparts for the financing and investment operations covered by this Regulation and its pricing shall be exclusively linked to the characteristics and risk profile of the underlying operations, taking into due account the nature of the underlying operations and the achievement of the policy objectives targeted, including the possible application of specific concessional terms and incentives as needed, in particular: (a) in situation where stressed financial market conditions would prevent the realization of a viable project; (b) where necessary to facilitate the establishment of investment platforms or the funding of projects in sectors or areas experiencing a significant market failure and/or suboptimal investment situation; (c) where necessary to address the social infrastructure gap; (d) where a Member State is experiencing a large asymmetric shock