31 Amendments of Martina MICHELS related to 2018/0229(COD)
Amendment 29 #
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, especially in Member States severely hit by the austerity policies and by recession. 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’), green investments 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 objectiveand particular Member States and regions.
Amendment 32 #
(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 in all regions, especially in regions where such access is structurally constrained.
Amendment 36 #
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 39 #
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. , to enhance 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 structural adjustments;
Amendment 43 #
Proposal for a regulation
Recital 6
Recital 6
(6) The InvestEU Fund should support investments in tangible and intangible assets to foster growth, investment and employment, and thereby contributing to the reduction of disparities between regions, improved well-being and fairer income distribution in the Union and the Union’s economic, social and territorial cohesion. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 55 #
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 62 #
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 69 #
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 70 #
Proposal for a regulation
Recital 19
Recital 19
Amendment 74 #
Proposal for a regulation
Recital 20
Recital 20
Amendment 95 #
Proposal for a regulation
Recital 31
Recital 31
Amendment 100 #
Proposal for a regulation
Recital 37
Recital 37
(37) In the context of the InvestEU Fund, there is a need for capacity building support to develop the organisational capacities and market making activities needed to originate quality projects. Moreover, the aim is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects raises considerably the transaction cost at the project level, such as for the social finance ecosystem. The capacity building support should therefore be complementary and additional to actions undertaken under other Union programmes that cover a specific policy area. Particular effort should also be made to support the capacity building of potential project promoters, in particular local and regional service provider organisations and authorities.
Amendment 104 #
Proposal for a regulation
Recital 40
Recital 40
(40) A solid monitoring framework, based on output, outcome and impact indicators should be implemented to track progress towards the Union’s objectives. In order to ensure accountability to European citizens, the Commission should report annually to the European Parliament and the Council on the progress, impact and operations of the InvestEU Programme and on the coordination, complementarity and consistency with other Union policies and instruments, especially the funds under shared management.
Amendment 110 #
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 113 #
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 122 #
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 139 #
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivity, supply and processing of raw materials, space, oceans and water, waste, nature and other environment infrastructure, equipment, mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the Union, or to both, or meet the environmental or social sustainability standards of the Union as well as to the long- term sustainable development of the region in which the operation is taking place;
Amendment 154 #
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 160 #
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. Implementing partners shall provide the information necessary to allow the tracking of investment that contributes to meeting the Union objectives on climate and environment, as well as on the European Pillar of Social Rights, based on guidance to be provided by the Commission.
Amendment 163 #
Proposal for a regulation
Article 8
Article 8
Amendment 168 #
Proposal for a regulation
Article 9
Article 9
Amendment 187 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
Amendment 188 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 3
Article 12 – paragraph 1 – subparagraph 3
Amendment 189 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 4
Article 12 – paragraph 1 – subparagraph 4
Amendment 192 #
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 195 #
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
Amendment 210 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 3
Article 19 – paragraph 2 – subparagraph 3
The experts shall have a high level of relevant market experience in project structuring and financing orin the field of regional development and of financing of SMEs or corporates.
Amendment 218 #
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 219 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 3
Article 19 – paragraph 5 – subparagraph 3
Amendment 220 #
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 225 #
Proposal for a regulation
Article 20 – paragraph 2 – point c
Article 20 – paragraph 2 – point c
(c) supporting actions and leveraging local and regional knowledge to facilitate the use of the InvestEU Fund support across the Union and contributing actively where possible to the objective of sectorial and geographical diversification of the InvestEU Fund by supporting the implementing partners in originating and developing potential financing and investment operations;