Page 7 - ePaper
P. 7
The Managing Director will also have a legal obligation to reply swiftly – orally or in
writing – to questions addressed by the European Parliament. The European
Parliament can also request reporting by the Commission.
The Court of Auditors will apply its normal rules for auditing the EU guarantee and the
payments and recoveries that are attributable to the general Budget of the Union. Its
existing role as regards the auditing of the activity of the EIB (detailed in a tri-partite
agreement between the EIB, the Court of Auditors and the Commission) remains
unchanged.
National Contributions to the EFSI
8. How will the Commission encourage the participation of Member states to
the Fund in a coordinated way?
The European Council on 18 December endorsed the Investment Plan for Europe:
"Fostering investment and addressing market failure in Europe is a key policy challenge. The
new focus on investment, coupled with Member States' commitment to intensifying
structural reforms and to pursuing growth-friendly fiscal consolidation, will provide the
foundation for growth and jobs in Europe. (…) The EFSI will be open to contributions from
Member States, directly or through national promotional banks. The European Council takes
note of the favourable position the Commission has indicated towards such capital
contributions in the context of the assessment of public finances under the Stability and
Growth Pact, necessarily in line with the flexibility that is built into its existing rules".
The challenge of significant investment short-falls and their impact on growth and jobs is
common to all Member States and many have expressed interest in potentially contributing
to the EFSI.
9. How can Member States contribute?
President Juncker said in the European Parliament on 17 December:
“The new Fund is self-standing. However, its impact would obviously be much greater if
Member States contribute to it. Several Member States have signalled their potential
interest in doing so and I am now awaiting concrete proposals to this end. (…) For my part, I
have signalled the Commission’s intention to take a favourable position towards such capital
contributions in the context of the assessment of public finances under the Stability and
Growth Pact. We will come forward with detailed guidance on this in January.”
The EFSI will be open to contributions from Member States, directly or through National
Promotional Banks. Member States can also contribute at the level of different projects.
The EFSI will be constructed in the most flexible way to allow for Member States'
contributions. Member States, directly or via their National Promotional Banks, could
contribute either at the level of the risk-bearing capacity (complementing the contributions
by the EU budget and the EIB), in an investment platform or by co-financing certain projects
and activities.
7
writing – to questions addressed by the European Parliament. The European
Parliament can also request reporting by the Commission.
The Court of Auditors will apply its normal rules for auditing the EU guarantee and the
payments and recoveries that are attributable to the general Budget of the Union. Its
existing role as regards the auditing of the activity of the EIB (detailed in a tri-partite
agreement between the EIB, the Court of Auditors and the Commission) remains
unchanged.
National Contributions to the EFSI
8. How will the Commission encourage the participation of Member states to
the Fund in a coordinated way?
The European Council on 18 December endorsed the Investment Plan for Europe:
"Fostering investment and addressing market failure in Europe is a key policy challenge. The
new focus on investment, coupled with Member States' commitment to intensifying
structural reforms and to pursuing growth-friendly fiscal consolidation, will provide the
foundation for growth and jobs in Europe. (…) The EFSI will be open to contributions from
Member States, directly or through national promotional banks. The European Council takes
note of the favourable position the Commission has indicated towards such capital
contributions in the context of the assessment of public finances under the Stability and
Growth Pact, necessarily in line with the flexibility that is built into its existing rules".
The challenge of significant investment short-falls and their impact on growth and jobs is
common to all Member States and many have expressed interest in potentially contributing
to the EFSI.
9. How can Member States contribute?
President Juncker said in the European Parliament on 17 December:
“The new Fund is self-standing. However, its impact would obviously be much greater if
Member States contribute to it. Several Member States have signalled their potential
interest in doing so and I am now awaiting concrete proposals to this end. (…) For my part, I
have signalled the Commission’s intention to take a favourable position towards such capital
contributions in the context of the assessment of public finances under the Stability and
Growth Pact. We will come forward with detailed guidance on this in January.”
The EFSI will be open to contributions from Member States, directly or through National
Promotional Banks. Member States can also contribute at the level of different projects.
The EFSI will be constructed in the most flexible way to allow for Member States'
contributions. Member States, directly or via their National Promotional Banks, could
contribute either at the level of the risk-bearing capacity (complementing the contributions
by the EU budget and the EIB), in an investment platform or by co-financing certain projects
and activities.
7
