Brussels, 02/03/2015 (Agence Europe) - On Monday 2 March, the economic and monetary affairs and budget committees of the European Parliament discussed the objectives and details of the Juncker plan, which is designed to draw down €315 billion in private investments over three years (see EUROPE 11264).
Introducing the debates, a number of experts expressed divided opinions on the idea of creating a European Fund for Strategic Investments (EFSI), under the aegis of the EIB, by this summer.
The former President of the EIB, Belgium's Philippe Maystadt, said that it was “vital” to do everything possible to ensure the success of the Juncker plan, whilst stressing that the European initiative has three pillars: the creation of the EFSI, setting up a common technical assistance platform for project promoters and the completion of the single market in sectors such as energy and transport. In order to attract private investors, the EIB should possibly not have 'senior' status when it comes to reimbursing the loans, he added. Additionally, as some investments under the Juncker plan benefit from substantial support from the member states, Maystadt argued that this national contribution should be neutral with regard to the Stability and Growth Pact for all member states, not just those which are not under excessive deficit proceedings (see EUROPE 11229).
Taking the opposite view to the earlier speakers who had taken position in favour of the Juncker plan, a lecturer from the University of Coimbra, the British economist Stuart Holland, described the creation of the EFSI as “pointless”. The instruments which can bring about economic recovery based on investment without increasing public debt already exist within the EIB group, he argued. (Mathieu Bion)