The committees on budgets (BUDG) and on economic and monetary affairs (ECON) of the European Parliament have decided to speed up internal negotiations with a view to being able to negotiate the extension of the 'Juncker' investment plan with the Council of the EU by the end of April, for a definitive inter-institutional agreement by the end of June.
The timeline agreed upon is as follows: - Monday 20 March: presentation of the joint report by Udo Bullmann (S&D, Germany) and José Manuel Fernandes (EPP, Portugal); - Thursday 23 March: deadline for amendments to be tabled; - April plenary session in Strasbourg; examination of amendments; - Monday 24 April: adoption of the joint report.
Despite the reluctance of certain colleagues, we agreed to speed up our timetable as long as the Council shows flexibility to improve the quality of the 'Juncker' investment plan, Bullmann said on Monday 13 March, at a joint meeting of the BUDG and ECON committees in Strasbourg.
During the debate, the MEPs said that the 'Juncker' plan, which is designed to draw down more than €300 billion in new investments up to 2018, is certainly working as planned, but could be improved further, particularly as regards the geographical distribution of the project agreed upon. “A €50 million project in Berlin does not have the same impact as a €50 million project in Lisbon”, Fernandes pointed out. Another question raised is how can it be ensured that a public guarantee is granted to projects that would not see the light of day, or to a lesser extent, without the support of the European initiative? This is a question close to Bullmann's heart.
Lack of visibility. The lack of visibility in the 'Juncker' plan is of concern to the European Commission and the MEPs. “The biggest challenge still is the lack of awareness” of the European Fund for Strategic Investments (EFSI), the financial arm of the investment plan, said the Commissioner for Growth and Investment, Jyrki Katainen.
The Commissioner quoted a few figures to illustrate the success of the 'Juncker' plan. According to the Commission's latest figures, the EFSI has supported 197 infrastructure projects for a total envelope of €24 billion and 264 financing agreements for a total of €8 billion have been signed specifically in support of SMEs. If the intensity of the aid is measured in a given country compared to national GDP, “Estonia, Bulgaria, Spain, Lithuania and Portugal” come out on top, he said, thereby cutting short the criticism that the 'Juncker' plan has intervened only in countries presenting a lower risk.
In December 2016, the Council approved the European Commission's proposal to double the duration and firepower of the 'Juncker' investment plan, to attract €630 billion in investments by 2022, €500 billion of this by 2020, the end of the current multi-annual financial framework (see EUROPE 11683). (Original version in French by Mathieu Bion)