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30. What legislative changes are needed to make this happen? When will they
happen?
No changes to the EU's Multi-Annual Financial Framework are needed. In order to set up the
EFSI and its funding arrangements, a Regulation based on Articles 172 (Trans-European
Networks/Connecting Europe Facility), 175(3) (European Structural and Investment Funds)
and 182 (Research and Innovation/Horizon 2020), and potentially, Article 173 (industry) of
the TFEU will be necessary.
The Regulation will ensure the participation of Horizon 2020 and the Connecting Europe
Facility in the EFSI. The Commission will present such a proposal shortly and will call on the
co-legislators to adopt it as swiftly as possible so that the EFSI can be operational by mid-
2015. Other necessary legislative and non-legislative initiatives, for example as regards the
business and regulatory environment, will be described in detail in the Commission’s Work
Programme for 2015, to be published in December.
31. Will this plan not put the EIB's triple A rating at risk?
The new structure is designed so that the EIB’s current credit rating will not be affected. The
significant guarantee provided by the EU budget should mitigate any potential risk in this
regard.
32. What is the difference with the Connecting Europe Facility and the
"Marguerite Fund", which also fund infrastructure projects?
There are three major differences: the size and the scope of the new Fund, as well as its
capacity to deploy a multitude of financial instruments, will make it play a very different and
much stronger role. It will also have a different governance structure.
The Connecting Europe Facility (CEF) is the EU's main funding instrument for the Trans-
European Networks and Infrastructure (TEN). It has a budget of € 33.2 billion for the period
2014–20 to finance transport, energy and telecommunication infrastructures of EU interest,
through grants, as well as innovative financial instruments (such as project bonds) to a
maximum limit of 20% of total budget (currently 10%, but this share can be doubled subject
to certain conditions). Compared to the proposed Fund, it is thus more limited in size and in
sectors covered.
As regards the 2020 European Fund for Energy, Climate Change and Infrastructure
(“Marguerite”), it is very different in nature, since it targets equity financing in infrastructure
investments, and is much more modest in size. Current commitments stand at € 710 million.
The scope of Marguerite is limited to transport, energy and mature renewable sources.
33. Why are you not proposing a new own resource at EU level to finance the
Investment Plan?
Speed and simplicity are of essence. For these reasons, the Commission opted for a joint
effort with the EIB, using some of the combined fire-power of the EU budget and the EIB and
benefiting from its technical expertise and experience.
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happen?
No changes to the EU's Multi-Annual Financial Framework are needed. In order to set up the
EFSI and its funding arrangements, a Regulation based on Articles 172 (Trans-European
Networks/Connecting Europe Facility), 175(3) (European Structural and Investment Funds)
and 182 (Research and Innovation/Horizon 2020), and potentially, Article 173 (industry) of
the TFEU will be necessary.
The Regulation will ensure the participation of Horizon 2020 and the Connecting Europe
Facility in the EFSI. The Commission will present such a proposal shortly and will call on the
co-legislators to adopt it as swiftly as possible so that the EFSI can be operational by mid-
2015. Other necessary legislative and non-legislative initiatives, for example as regards the
business and regulatory environment, will be described in detail in the Commission’s Work
Programme for 2015, to be published in December.
31. Will this plan not put the EIB's triple A rating at risk?
The new structure is designed so that the EIB’s current credit rating will not be affected. The
significant guarantee provided by the EU budget should mitigate any potential risk in this
regard.
32. What is the difference with the Connecting Europe Facility and the
"Marguerite Fund", which also fund infrastructure projects?
There are three major differences: the size and the scope of the new Fund, as well as its
capacity to deploy a multitude of financial instruments, will make it play a very different and
much stronger role. It will also have a different governance structure.
The Connecting Europe Facility (CEF) is the EU's main funding instrument for the Trans-
European Networks and Infrastructure (TEN). It has a budget of € 33.2 billion for the period
2014–20 to finance transport, energy and telecommunication infrastructures of EU interest,
through grants, as well as innovative financial instruments (such as project bonds) to a
maximum limit of 20% of total budget (currently 10%, but this share can be doubled subject
to certain conditions). Compared to the proposed Fund, it is thus more limited in size and in
sectors covered.
As regards the 2020 European Fund for Energy, Climate Change and Infrastructure
(“Marguerite”), it is very different in nature, since it targets equity financing in infrastructure
investments, and is much more modest in size. Current commitments stand at € 710 million.
The scope of Marguerite is limited to transport, energy and mature renewable sources.
33. Why are you not proposing a new own resource at EU level to finance the
Investment Plan?
Speed and simplicity are of essence. For these reasons, the Commission opted for a joint
effort with the EIB, using some of the combined fire-power of the EU budget and the EIB and
benefiting from its technical expertise and experience.
13
