22 Amendments of Theodoros ZAGORAKIS related to 2018/0229(COD)
Amendment 12 #
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. 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, education, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing, demographic change or the brain drain, especially among young people. 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 objectives.
Amendment 22 #
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, supporting skills, the sustainability of the Union's economic growth, the social resilience and inclusiveness, in particular for young people from vulnerable social groups, and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support 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.
Amendment 28 #
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, education and skills and thereby contributing to improved well- being and fairer income distribution in the Union. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 33 #
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. 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, as well as places where large crowds gather, such as stadiums, educational institutions, museums and monuments. 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 36 #
Proposal for a regulation
Recital 14
Recital 14
(14) Whereas the level of overall investment in the Union is increasing, investment in higher-risk activities such as research and innovation, in particular in the case of innovative business ideas relating to rapidly growing sectors of the economy, such as the cultural and creative industries, is still inadequate. The resulting underinvestment and difficulties in accessing financial mechanisms in research and innovation isare damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should provide the appropriate financial products to cover different stages in the innovation cycle and a wide range of stakeholders, such as young entrepreneurs, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union, in order to make such solutions competitive on world markets.
Amendment 41 #
Proposal for a regulation
Recital 15
Recital 15
(15) A significant effort is urgently needed to invest in digital transformation and to, to promote digital skills and combat the inter-generational gap in order to maximise the distributeion of the benefits of itthereof to all Union citizens and businesses. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence.
Amendment 46 #
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, such as intellectual property rights. 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. 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 51 #
Proposal for a regulation
Recital 17
Recital 17
(17) As set out in the reflection paper on the social dimension of Europe16 and the European Pillar of Social Rights17 , building a more inclusive and fairer Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training and health. Investment in the social, skills and human capital- related economy, as well as in the integration of vulnerable populations in the society and support for the younger generation, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, help increase employment, in particular among the unskilled and long- term unemployed, and improve the situation with regard to intergenerational solidarity, the health sector, homelessness, digital inclusiveness, community development, the role and place of young people in society, especially those not in education, employment or training (NEETs), as well as vulnerable people, including third country nationals. The InvestEU Programme should also contribute to the support of European culture and creativity as well as grassroots sport that is a lever for social and economic development. To counter the profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, microfinance, social enterprise finance and and the financing of social enterprises, educational institutions, cultural and creative sector businesses, sports organisations as well as in new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system, increasing the supply of and access to finance to micro- and social enterprises, to meet the demand of those who need it the most. The report of the High-Level Task-Force on Investing in Social Infrastructure in Europe18 has identified investment gaps in social infrastructure and services, including for education, training, health and, housing, culture and sport which call for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations, should be harnessed to support the social market value chain development and a more resilient Union. _________________ 16 17 18COM(2017) 206. COM(2017) 206. 17 COM(2017) 250. COM(2017) 250. 18 Published as European Economy Published as European Economy Discussion Paper 074 in January 2018.
Amendment 59 #
Proposal for a regulation
Recital 19
Recital 19
(19) Each policy window should be composed of two compartments, that is to say an EU compartment and a Member State compartment. The EU compartment should address Union-wide market failures or sub-optimal investment situations in a proportionate manner; supported actions should have a clear European added value. The Member State compartment should give Member States the possibility to contribute a share of their resources of Funds under shared management to the provisioning of the EU guarantee to use the EU guarantee for financing or investment operations to address specific market failures or sub-optimal investment situations in their own territory, including in vulnerable and remote areas, border, inaccessible and remote areas and mountain and island regions, such as the outermost regions of the Union, to deliver objectives of the Fund under shared management. Actions supported from the InvestEU Fund through either EU or Member State compartments should not duplicate or crowd out private financing or distort competition in the internal market.
Amendment 67 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) the competitiveness of the Union, including innovation and, digitisation and human capital;
Amendment 71 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the social resilience and inclusiveness of the Union; particular emphasis should be placed on combating unemployment and developing skills, in particular among young people;
Amendment 74 #
Proposal for a regulation
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(b) to support financing and investment operations in education, research, innovation and digitisation;
Amendment 77 #
Proposal for a regulation
Article 3 – paragraph 2 – point d
Article 3 – paragraph 2 – point d
(d) to increase the access to and the availability of microfinance and finance to social enterprises, support financing and investment operations related to social investment and skilleducational institutions, training centres, the cultural and creative sector, sport, support financing and investment operations related to social investment, investment in culture and sport and skills and the development of competences and develop and consolidate social investment markets, in the areas referred to in point (d) of Article 7(1).
Amendment 86 #
Proposal for a regulation
Article 7 – paragraph 1 – point α
Article 7 – paragraph 1 – point α
(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivity, education, supply and processing of raw materials, space, oceans and water, waste, nature and other environment infrastructure, the cultural heritage, sport, 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;
Amendment 91 #
Proposal for a regulation
Article 7 – paragraph 1 – point γ
Article 7 – paragraph 1 – point γ
(c) SMEs policy window: access to and availability of finance for SMEs and, in duly justified cases, for small mid-cap companies, for start-ups and businesses set up by young people;
Amendment 94 #
Proposal for a regulation
Article 7 – paragraph 1 – point δ
Article 7 – paragraph 1 – point δ
(d) social investment and skills policy window: comprises microfinance, social enterprise finance and social economy; skills, education, training and related services; social infrastructure (including social and student housing); social innovation; health and long-term care; inclusion and accessibility; cultural and sports activities with a social goal; actions relating to young people, especially those not in education, employment or training; integration of vulnerable people, including third country nationals.
Amendment 120 #
Proposal for a regulation
Annex II – paragraph 1 – point 3 – point d
Annex II – paragraph 1 – point 3 – point d
(d) enhancement and restoration of eco-systems and their services; conservation and protection of natural archaeological sites and monuments of the cultural environment;
Amendment 127 #
Proposal for a regulation
Annex II – paragraph 1 – point 8
Annex II – paragraph 1 – point 8
8. Cultural and creative sectors; media, audio-visual sector and journalism, advertising, the cultural heritage, traditional handicrafts, museums, sports, design, cinema, theatre, music, visual arts, publishing, video games.
Amendment 128 #
Proposal for a regulation
Annex II – paragraph 1 – point 8 a (new)
Annex II – paragraph 1 – point 8 a (new)
8 a. sport-related industries; sustainability and profitability of investment in sports facilities, sports events and partnerships with other industry sectors.
Amendment 129 #
Proposal for a regulation
Annex II – paragraph 1 – point 9
Annex II – paragraph 1 – point 9
9. Tourism, including projects that drive sustainable tourism and are associated with any special form of thematic tourism such as cultural, religious and pilgrimage, sports and educational tourism, rural tourism and youth tourism.
Amendment 131 #
Proposal for a regulation
Annex II – paragraph 1 – point 11 – point d – point i
Annex II – paragraph 1 – point 11 – point d – point i
(i) education and training, including early childpre-schoodl education, upbringing and care, educational facilities, student housing and digital equipment;
Amendment 132 #
Proposal for a regulation
Annex II – paragraph 1 – point 11 – point f
Annex II – paragraph 1 – point 11 – point f
(f) cultural activities and sports events with a social goal; support for vulnerable groups, social inclusion and charity;