Debate on the Mid-term review of the Investment Plan, during the EP plenary session (06-09 June) in Strasbourg. Statements by Jyrki KATAINEN, Vice-President of the EC in charge of Jobs, Growth, Investment and Competitiveness, Othmar KARAS (EPP, AT), Giovanni PITTELLA (S&amp;D, IT), Sander LOONES, Pavel TELICKA, Miguel VIEGAS (GUE/NGL, PT) and Philippe LAMBERTS (Greens/EFA, BE)

Strasbourg

debate

plenary session

PITTELLA, Gianni (S&D, IT)

LAMBERTS, Philippe (Greens/EFA, BE)

KARAS, Othmar (EPP, AT)

VIEGAS, Miguel (GUE/NGL, PT)

KATAINEN, Jyrki (FI, EC)

LOONES, Sander (ECR, BE)

TELIČKA, Pavel (ALDE, CZ)

European Commission's Investment Plan (T)

Mid-term review of the Investment Plan: extracts from the debate

SOUNDBITE (English), Jyrki KATAINEN, Vice-President of the EC in charge of Jobs, Growth, Investment and Competitiveness, We have some major projects like Digital single Market, Energy Market Union, Capital Market Union but one should add to this list also Circular Economy Package that the Commission has proposed last year and also decarbonisation of transport. They all will reshape the internal market in Europe.

SOUNDBITE (English), Jyrki KATAINEN, Vice-President of the EC in charge of Jobs, Growth, Investment and Competitiveness, So far we have used EFSI worth 12.8 billion to infrastructure and innovation window but also to SME financing. This 12.8 million is expected to trigger most deprived investment or private-public partnership investment worth 100 billion. 80%, in other words, 80 billion out of 100 billion come from private sector so EFSI seems to function as planned.

SOUNDBITE (German), Othmar KARAS (EPP, AT), We need larger projects, sustainable approaches to projects for the future, we need high risk profiles and yes we need an extension of EFSI; we need to extend it outside of the member states of the EU and we need strategic coordination of cooperation arrangements between the EIB and the promotional banks and those working in neighbouring countries including in Africa and we need to ensure that these projects are accelerated.

SOUNDBITE (Italian), Giovanni PITTELLA (S&amp;D, IT), This finance has to be additional, it should not be substitute. It cannot be 'businesses as usual' done by the EIB, otherwise we would never have needed an investment plan and a special fund. Secondly, we need to accept higher risk and to the EIB I would say: the triple A should not be a dogma; otherwise we would not have needed an investment plan, if the high risk projects cannot be financed!

SOUNDBITE (Dutch), Sander LOONES, The topic for the day ought to be whether the plan is extended to third countries. I think we should be strengthening the economies there, the EU can play a role there, but let's not be na&iuml;f about this: we do not have stable and loyal partners in all countries so we need additional controls to avoid corruption to avoid investments going bad. I am absolutely not against having these thoughts but we certainly should not be rushing to action.

SOUNDBITE (English), Pavel TELI&#268;KA, These projects in 90% are very similar to those that we would be financing from cohesion funding, low risk EIB funding, SEF, Horizon, whatever. So I am not sure that we are really meeting the objective of the added value, the additional financing and the risky projects. This is something we should focus on.

SOUNDBITE (Portuguese), Miguel VIEGAS (GUE/NGL, PT), What we are seeing is that investment is concentrated on the richest and more developed areas of Europe. We are also seeing that private management is being brought over public services at the cost of development and really focusing on profits for large multinationals.

SOUNDBITE (French), Philippe LAMBERTS (Greens/EFA, BE), Energy is at the very core of our economy and energy transition, energy independence is both strategically economically and ecologically crucial for the Union. The countries of the outskirts of Europe need the greatest investment and they are also the ones having the greatest potential for renewable energies.

SOUNDBITE (English), Jyrki KATAINEN, Vice-President of the EC in charge of Jobs, Growth, Investment and Competitiveness, I fully agree with Members who have said that EIB should take more risks, and for this reason EFSI. It enables EIB to finance projects which are seeing more risky worth 63 billion.

SOUNDBITE (English), Jyrki KATAINEN, Vice-President of the EC in charge of Jobs, Growth, Investment and Competitiveness, There is only handful of MEPs so far who has organised EFSI events in their regions or in member states (...) We need to raise awareness; what EFSI can do, what EFSI has done in another countries, in order to make it possible to use EFSI in a more efficient way.