The European Commission headed by Jean-Claude Juncker plays …
The European Commission headed by Jean-Claude Juncker plays his credit next Wednesday before the European Parliament with the presentation of an investment fund with the guarantee of the EU budget called to raise 300 billion euros to revitalize the economy and employment in Europe.
The project is inspired by Jacques Delors White Paper in 1993 with his European interest in the infrastructure program the transportation and energy, told AFP Sunday evening an official associated with its design.
“But there is no question of borrowing. It’s not necessary, “he insisted.
The European Investment Bank (EIB) will be the operation of the plan with vehicle a European investment funds of which will be from the EU budget, mainly allocation to the Connecting Europe over the period 2014-2020. The endowment has not yet been arrested and the figure of 21 billion published in the press was launched as a “trial balloon to see the reactions,” said a European diplomatic source.
“The novelty is that the Bank will be able to make risky investments because it will have the guarantee of the EU budget,” said the official.
The effect lever should help mobilize $ 300 billion over the next 5 years. . “There is a lot of liquidity into the system, but they are not invested because of the uncertainty of the private sector in the face of Europe,” emphasized several European sources.
“We need to This complete the single market with the financial sector and give transparency to investments that use public money in Europe, “is it said.
The project was technically completed in two meetings Saturday and Sunday. “The time has now come policies. It is up to the commissioners to decide at their meeting in Strasbourg on Tuesday, “said a trader.
During this meeting, the commissioners will decide on the amount of the endowment fund and the possibility not to account in the calculation of public deficits of the amounts of the national investment plan states that will complement the work of the fund, told AFP an informed source.
Jean-Claude Juncker and Jyrki Katainen, the vice president in charge of employment and investment will then present Wednesday morning MEPs in plenary session.
“The credibility of the commission is in. It has to convince the adjustment plan is included as a complement structural reforms and fiscal adjustment, “said a European official.
For this reason, the Commission would like to procrastinate on budgetary slippages in France and Italy, but this option raises reservations made in public by the commissioner Gunther Oettinger German.
“It’s a real communication challenge,” said another source.
“This plan will not disappoint the markets, but instead he will disappoint the politicians who are waiting Brussels money,” the official said associated with its design.
Projects infrastructure will be selected according to their quality, their interest and respect of all European rules, including environmental. “You have to depoliticize the selection. There will be no quotas by country or by sector and project selection will be made independently by the fund managers, not political, “plead its designers.
But the States already submitted 1,800 projects whose combined cost exceeds € 400 billion. But most will not be selected. Furthermore Jean-Claude Juncker wants to drain a third of the funding to the SMEs engaged in high-tech sectors and have difficulty finding funding, is it said.
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