Off the wire
• Russia to rid dependence on Ukrainian military suppliers  • China to announce new support for new energy cars  • Mozambique's opposition urges in-depth probe into intoxicated case  • Botswana to play Burkina Faso, Egypt in soccer friendlies  • Suspected terrorist helper caught in Germany  • U.S. stocks open higher after upbeat start of Q4 earnings  • 1st LD: EU presents law for 315-bln-euro investment plan  • Belgian PM: no compromise on national security  • Urgent: EU presents law for 315 bln euros investment plan  • Most EU citizens oppose investment protection treaty in TTIP: report  
You are here: 　 Home

2nd LD Writethru:EU presents law for 315-bln-euro investment plan

Xinhua, January 14, 2015 Adjust font size:

The European Commission, the exclusive body of the European Union (EU), on Tuesday adopted the legislative proposal for the European Fund for Strategic Investments, moving forward on implementing the bloc's core financial stimulation policy.

The fund is at the very heart of European Commission President Jean-Claude Juncker's Investment Offensive, which will mobilize at least 315 billion euros (372 billion U.S. dollars) in private and public investment across the EU.

Juncker called on each political side to approve the plan and praised adopting the legislative proposal as an important step towards putting Europeans back into the job market and kick-starting the EU economy.

"I now count on the political leadership of the co-legislators, the European Parliament and the Council, to get the proposal adopted swiftly so that the fund is operational by June and new investments start flowing. Europe's citizens expect nothing less and we have no time to lose," Juncker said.

According to the procedure designed by the EU, the main channel to mobilise at least 315 billion euros in additional investment in the real economy over the next three years is the European Fund for Strategic Investments (EFSI), in which allows member states to participate.

To run EFSI,a Steering Board will be established to decide on the overall orientation, the investment guidelines, the risk profile, strategic policies and asset allocation of the Fund, in line with the Commission's Political Guidelines.

As a consequence of the economic and financial crisis, the level of investment in the EU has dropped by about 15 percent since its peak in 2007.

The EU said that's why the Investment Plan for Europe can help by pairing up projects with existing liquidity and channelling the money where it is needed.

Talking about the outlook for investment plan, Vice-President responsible for Jobs, Growth, Investment and Competitiveness Jyrki Katainen showed optimistic attitude.

"I'm currently touring the whole of the European Union to make this happen and I am encouraged by the positive feedback I have received so far," Katainen said. Endit