The European Union (EU) agreed on the final details of a plan by 315,000 million euros to boost investment and economic growth in the bloc, clearing the way for the first disbursements occur in the fall.
The European Union (EU) agreed on the final details of a plan by 315,000 million euros to boost investment and economic growth in the bloc, clearing the way for that the first disbursement will occur in the fall.
Launched by Jean-Claude Juncker, President of the European Commission, late last year, Juncker called plan aims to attract private funds to help finance projects in Europe to remain off.
risky projects are financed through the European Fund for Strategic Investments (EFSI, for its acronym in English), which will be backed by a guarantee of 8,000 million budget EU for the next three years.
The investment in Europe fell one-third since the financial crisis of 2008, but governments, overloaded and debt, are not in a position to pump money into infrastructure, at a time when his priority is to keep their budgets under control.
After months of negotiations between the European Commission, EU governments and the European Parliament agreed a compromise traders to form the basis of a law permitting the formal start of the plan.
One of the obstacles to agree legislation focused on how much money would come from the EU budget to support the so-called first loss guarantee fund.
The initial proposal from the European Commission projected that 6,000 billion euros would come from funds originally earmarked for research, innovation and infrastructure.
The reached agreement with the European Parliament and representatives of the countries EU provides that the cuts in research and infrastructure were limited to 5,000 million euros.
To maintain the security of EFSI at 8,000 million euros, traders EU agreed to allocate more money from funds Unused the EU budget, which now contribute to guarantee 3,000 million euros, instead of the 2.000 million originally envisaged by the commission.
Jyrki Katainen, curator in charge of the EFSI, held the agreement and urged EU leaders and parliament to formally confirm in June.
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