16 Amendments of Fabio DE MASI related to 2015/0009(COD)
Amendment 99 #
Proposal for a regulation
Recital 1
Recital 1
(1) The austerity policies in response to the economic and financial crisis hasve led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular 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 in relative terms, while the absolute loss in investment due to the deep recession in some Member States is much larger. The Union suffers in particular from a lack of investment as a consequence of arbitrary fiscal constraints on Member States, due rules of the Stability and Growth Pact and the Fiscal Compact, resulting in a deeper recession, sluggish recovery and uncertainty regarding the economic future. This lack of investment, which has been particularly severe in Member States most affected by the crisis and the policies prescribed in the Memorandums of Understanding signed with the Troika, slows economic recovery and negatively affects job creation, and long-term growth prospects and competitiveness.
Amendment 114 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditions can contributeIncreased public investment and reforms that reduce inequality, support rising wages and social transfers and enhance fiscal sustainability through a fair and progressive tax system, constitute a way to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 128 #
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 throughpromoted policies that deepen the recession and impede recovery, regardless of 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 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 180 #
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. It is intended that increased access to financing should be of particular benefit to small and medium enterprises, as well as other entities, such as social economy enterprises that provide high value for invested money, including a high social and societal quality and citizen-ownership of economic processes and results. 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 203 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high social or economic value added contributing to achieving Union policy objectives of enhancing economic, social and territorial cohesion across the Union.
Amendment 268 #
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, and long- term growth and competitivenesssustainable growth. 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. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 576 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support public and private investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, social economy enterprises and service providers, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'). The overall objective of the EFSI shall be to promote and guarantee sustainable, inclusive and long-term growth and quality job creation as well as social inclusion in the Union.
Amendment 597 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other public third parties, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.
Amendment 811 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The EFSI agreement shall provide that the EFSI shall have an advisory board composed of representatives of the European Social partners as well as representatives from national social partner organisations from both sides of industry. Members of the Steering Board will participate in the meetings of the social advisory board.
Amendment 873 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six eight independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project structuring and financing, as well as macroeconomic expertise. The Investment Committee shall have a pluridisciplinary composition encompassing a broad range of expertise in various sectors, such as research and development, transport and SMEs. A specialist finance and social policies and a specialist in environmental policy shall be appointed as independent experts in the Investment Committee. The Investment Committee It shall be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 1010 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) investments in sectors with high job- creation potential, focusing on long-term and sustainable effects, including the social, health and care sectors as well as the social economy.
Amendment 1093 #
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) EIB funding to the EIF enabling it to undertake loans, guarantees, counter- guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations. Credit enhancement instruments such as project bonds shall not be granted until the evaluation of the Project Bond Initiative has been carried out as requested by the relevant EU decisions. These Iinstruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, in compliance with this Regulation and where EIF financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled.
Amendment 1263 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) detailed information on the tax payments resulting from its investment and lending operations under the EFSI.
Amendment 1356 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditorsexternal audit of the activities undertaken in accordance with the EFSI Regulation is carried out by the European Court of Auditors in accordance with Article 287 TFEU.
Amendment 1377 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. In its financing and investment operations, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, including a requirement to take reasonable measures to identify the beneficial owners where applicable. In its financing and investment operations under the EFSI and through investment platforms and national promotional banks, the EIB shall make both direct funding or funding via intermediaries contingent upon the disclosure of both country-by-country tax relevant data along the lines of the CRD IV provision for credit institutions, as well as disclosure of beneficial ownership information according to the EU Anti- Money Laundering Directive.
Amendment 1378 #
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. The EIB shall not cooperate with financial intermediaries having a negative track record in terms of transparency, tax evasion and aggressive tax planning practices, or use other harmful tax practices such as 'tax rulings' and abusive transfer pricing.