Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-06-Speech-4-018"

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"Mr President, when I look at the projects the EIB finances I am struck by how many involve large companies and how few involve the SMEs they are supposed to help. Do companies such as General Motors, Electrolux and Arcelor Mittal really need to use the EIB except for the soft terms they offer? And what have such loans done for the European economy? Have they created jobs? No, they have exported jobs, sometimes to cheaper European countries and sometimes outside the EU altogether. Electrolux is an example of EIB success. Lent EUR 250 million for capacity enhancement, they built new factories in Poland, Romania and Hungary. As soon as these were completed they transferred production there from the UK with the loss of almost 2 000 jobs in Spennymoor, England, so I think we can all agree that the EIB plays a very important role in the economy of Europe, particularly on the balance of trade: it exports our jobs and imports unemployment."@en1
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