38 Amendments of Mercedes BRESSO related to 2015/0009(COD)
Amendment 21 #
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. TAll regions of the Union suffers and in particular those more affected by the crisis, from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 28 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to coordinate policies and instruments and to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 33 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing, particularly in Member States and regions where this access is structurally constrained, including in the outermost regions. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 37 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing. These strategic investments should benefit from positive externalities created by public investment and European Structural and Investment Funds in order to achievinge Union policy objectives.
Amendment 44 #
Proposal for a regulation
Recital 8
Recital 8
(8) The EFSI is part of a comprehensive approach to address uncertainty surrounding public and private investments until a system of own resources for the EU budget can be agreed. The strategy has three pillars: mobilising finance for investment, making investment reach the real economy and improving the investment environment in order to achieve economic, social and territorial cohesion across the Union.
Amendment 50 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote job creation, long- term sustainable growth and competitiveness. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money in order to guarantee the principle of overall harmonious development of all regions in the European Union. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 51 #
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 and complementarity over existing operations. The EFSI should finance projects across the Union, including in thewith particular attention to those concerning countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 62 #
Proposal for a regulation
Recital 21
Recital 21
(21) Provided that all relevant eligibility criteria are fulfilled, third parties may co- finance together with EFSI on a project- by-project basis or in investment platform related to geographic or thematic sectors. Member States may use European Structural Investment Funds to contribute to the financing of eligible projects that are supported by the EU guarantee. The flexibility of this approach should maximise the potential to attract investors to the areas of investment targeted by the EFSI.
Amendment 73 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularly evaluateand the Investment Committee should regularly evaluate and report to the European Parliament and the Council on activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations shouland reporting should be made public and contribute to accountability and analysis of sustainability.
Amendment 80 #
Proposal for a regulation
Recital 32
Recital 32
(32) Member States have also begun work at national, regional and macroregional level on establishing and promoting project pipelines for projects of national significance. The information prepared by the Commission and the EIB should provide links to the accompanying national, regional and macroregional project pipelines.
Amendment 86 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude an agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') in line with the requirements set out in this Regulation.
Amendment 92 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements set out in this Regulation.
Amendment 93 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1 a Definitions For the purposes of this Regulation, the following definition apply; a)'investment platform' means a co- financing arrangement established for financing projects through a special purpose vehicle, a managed account or a contract. An investment platform can be regional, macroregional (pooling across different regions of several Member States), national (grouping certain investment projects on the territory of a given Member State) or sectorial (pooling across several Member States in one sector); b) 'additionality' means that EFSI should only be used where financing is not available from other resources (normal EIB instruments, European Structural and Investment Funds and private investments) on reasonable terms.
Amendment 93 #
Proposal for a regulation
Article 1 – paragraph 2 b (new)
Article 1 – paragraph 2 b (new)
2b. The Commission shall be empowered to accept later amendments of the EFSI Agreement by means of delegated acts in accordance with Article 17, provided that the amendments to the EFSI Agreement meet the requirements set out in this Regulation.
Amendment 101 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
To meet that objective, the EIAH shall use the expertise of the EIB, the Commission, national and regional promotional banks and the managing authorities of the European Structural and Investment Funds.
Amendment 108 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location. taking into consideration the principle of overall harmonious development of all regions of the European Union
Amendment 109 #
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 Chairpersona Chairperson from among its members for a renewable fixed term of three years.
Amendment 112 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance, as well as in regional economic and social development and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 120 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board and annually to the European Parliament and the Council.
Amendment 126 #
Proposal for a regulation
Article 3 – paragraph 4 a (new)
Article 3 – paragraph 4 a (new)
4a. The Managing Director shall be appointed on the basis of an open and transparent selection procedure. After hearing the Steering Board, the Commission shall, upon receiving the consent of the EIB, provide the European Parliament with a shortlist of candidates for the positions of Managing Director and Deputy Managing Director. The Commission shall, upon receiving the consent of the EIB, submit to the European Parliament for approval a proposal for the appointment of the Managing Director. Following the approval of that proposal, the Steering Board shall appoint the Managing Director and the Deputy Managing Director for a renewable fixed term of three years.
Amendment 129 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) infrastructure projects in the environmental, natural resources, urban development and social fields including social housing;
Amendment 138 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. When carrying out their duties, the members of the Investment Committee shall be independent and shall not take instructions from the EIB, the Union institutions, Member States or any other public or private body.
Amendment 139 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee. Coordination, coherence and synergies should be guaranteed between European Structural and Development Funds and EFSI, however no overlapping of resources should be allowed.
Amendment 143 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4 a. The Commission, the EIB and the Member States shall ensure that all the investments with the support of the EFSI take into consideration their impact by sector at local and regional level on economic, social and territorial cohesion, increasing demand without affecting supply, and foster synergies and effective coordination between the EFSI and the European structural and Investment Funds, in order to ensure that they contribute to the achievement of the Union's economic, social and territorial cohesion.
Amendment 145 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).The criteria to select investment projects shall take into account the added value in terms of economic and social sustainability.
Amendment 157 #
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) an assessment of EIB financing and investment operations at operation, sector, country and , regional and macroregional levels and their compliance with this Regulation, together with an assessment of the allocation of EIB financing and investment operations between the objectives in Article 5(2);
Amendment 164 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2 a. In the report referred to in paragraph 2(b), the Commission shall examine the contribution of the EFSI to the dynamism of leading small innovative firms in the framework of the Union strategy for smart, sustainable and inclusive growth, its coherence with other Union policies and instruments, as well as the impact of EFSI operations on economic, social and territorial cohesion.
Amendment 180 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, the Chairperson of the Steering Board and the Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 183 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Chairperson of the Steering Board and the Managing Director shall reply orally or in writing to questions addressed to the EFSI by the European Parliament, in any event within five weeks of receipt of a question.
Amendment 203 #
Proposal for a regulation
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. The power to adopt delegated acts referred to in Article 1(3) shall be conferred on the Commission for a period of one year from the entry into force of this Regulation.
Amendment 204 #
Proposal for a regulation
Article 17 – paragraph 1 b (new)
Article 17 – paragraph 1 b (new)
1b. The power to adopt delegated acts referred to in Article 1(4) shall be conferred on the Commission for an unlimited period of time.
Amendment 205 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The delegation of power referred to in Articles 1(3), 1(4) and 8(6) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 206 #
Proposal for a regulation
Article 17 – paragraph 3 a (new)
Article 17 – paragraph 3 a (new)
3a. A delegated act adopted pursuant to Article 1(3) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
Amendment 207 #
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
5. A delegated act adopted pursuant to Article 1(4) or Article 8(6) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 282 #
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 and complementarity over existing operations. The EFSI should finance projects across the Union, with particular attention to those concerning including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 581 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1 a. Article 1a Definitions For the purposes of this Regulation, the following definition apply; a)Investment Platform' means a cofinancing arrangement established for financing projects through a special purpose vehicle, a managed account or a contract. An Investment Platform can be regional, macro-regional (pooling across different regions of several Member States), national (grouping certain investment projects on the territory of a given member State) or sectorial (pooling across several Member States in one sector); b) 'additionality' means that EFSI should only be used where financing is not available from other resources on reasonable terms.
Amendment 712 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
To meet that objective, the EIAH shall use the expertise of the EIB, the Commission, national and regional promotional banks and the managing authorities of the European Structural and Investment Funds.
Amendment 1068 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee. Coordination and coherence should be guaranteed between EFSI and EFSI, however no overlapping of resources should be allowed.