Brussels, 13/02/2015 (Agence Europe) - On Tuesday 17 February, European finance minsters will discuss the creation (by June) of a European Fund for Strategic Investment (EFSI) under the Juncker Plan to attract €315 billion in private investment over three years.
The EFSI talks are continuing apace and the Lativan Presidency of the Council of the EU now aims to reach agreement in principle at the Council next month (see EUROPE 11240). A Latvian memorandum dated 12 February lists the main outstanding areas. Some member states have concerns about EFSI governance (a piloting committee and an investment committee) and how it will interact with the EIB. Clarification about the role of the piloting committee is desired after it adopts investment guidelines. Some countries are unhappy with the power granted to the European Commission to adjust the target level of guarantees to be granted by the EFSI. Others ask whether direct private investment should be allowed in the EFSI and if so, to what degree. On the geographical and sectoral division of projects, Latvia says that the fears about the risk of projects being concentrated in some regions or countries is partly dealt with by the preeminent role to be played by investment platforms and national investment banks. Despite initial concerns, Latvia said the Council unanimously agrees to leave the Commission's proposals unchanged in terms of redeployment of sums earmarked for the Connecting Europe Facility and the Horizon 2020 programme to the EFSI.
Ministers will also discuss investment in governor quality at the EIB.
Ukraine. The ministers will endorse an additional bailout programme of €1.8 billion (see EUROPE 11252). Several countries feel that this is not enough, but the Commission does not want to grant any more at this stage, pointing out the implications of extending the EU budget.
On the budget front, the Council will set priorities for the EU's budget for 2016 and will discuss the own resource question with former Italian prime minister Mario Monti, who chairs a high-level group on own resources (see EUROPE 11247). (Mathieu Bion)