Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-07-Speech-4-008-000"
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"en.20110407.3.4-008-000"2
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"Mr President, the presentation of this report on the activities carried out by the European Investment Bank is part of an annual democratic exercise which comes under the responsibility the Bank has to the European Parliament.
It is the duty of the European Investment Bank, as a European bank, not to get involved in operations carried out through non-cooperative jurisdictions, as identified at the moment by various international bodies. At the same time, these lists are still not enough. The European Investment Bank can make its contribution in this area by carrying out proper assessments and publishing its results on a regular basis.
Last but not least, I would like to mention the role played by the Bank outside the European Union, in countries en route to joining the EU and those coming under the remit of cooperation and development policies. In these countries, the European Investment Bank supports the European Union’s foreign policy objectives. This is why I think that we need to both assign more specialised staff in this area and raise the participation level of local actors in the project.
I am happy to listen to the views of those of you in the Chamber and to speak again at the end.
Although this exercise is carried out on a regular basis, it must not be trivialised as it includes recommendations on important matters for the future of the European Union. Once the Treaty of Lisbon came into force in December 2009, the European Investment Bank became an instrument for supporting the European Union’s external policies, while also acting as an important partner for driving the Union’s economy.
I would like to thank my fellow Members for the improvements they have made to the report. I would also like to thank the entire bank’s staff for their excellent cooperation, especially President Maystadt and Vice-President Kolatz-Ahnen.
We are all looking for a method of reconciling Member States’ growing debts and deficits with economic growth targets set out, for example, in the EU 2020 strategy, which require major investments in education, health, technology, sustainable energy and infrastructure. I think that the solution to this problem is a European one, with the European Investment Bank having an important role to play in this situation.
I will present here two significant examples of the way in which the European Investment Bank has boosted and will continue to boost the European economy. Firstly, there are the loans to small and medium-sized enterprises and then, project bonds. We must not forget that 99% of European businesses are small and medium-sized enterprises. Investing in SMEs is a means of making a significant contribution to the innovation, research and development activities taking place in the European Union. The European Investment Bank offered small and medium-sized enterprises funding above its annual target of EUR 7.5 billion in 2009 and 2010.
The European Microfinance Facility was also created in 2010, pooling funds amounting to EUR 200 million, assigned to those who need micro-credits. However, we notice that difficulties persist at the point where entrepreneurs access the funds.
I think that we need to enhance the transparency of the procedures used to select the Bank’s financial intermediaries and for providing loans to them. It is also the European Investment Bank’s duty to offer technical assistance and cofinancing to the convergence regions in order to allow them to absorb the funds available to them at a higher rate.
Another subject which I want to touch on is project bonds. Are we entitled to place such great hopes on this financial instrument? I think that we are. Its purpose is to increase the credit ratings of the bonds issued by companies, by attracting private investments, so as to supplement domestic investments and those made via the cohesion funds. Thanks to this multiplier effect, the companies will obtain more money for implementing infrastructure projects in the areas of transport, energy, IT and sustainable development. It is important to focus on certain key projects, such as sustainable development, the road and rail infrastructure, and connecting ports to European markets and those which will allow energy independence, like the Nabucco gas pipeline or the ITGI project.
As we are discussing today possible solutions for exiting the financial crisis, this brings us to the subject of transparency and tax havens. The lack of transparency from financial intermediaries has taken the specific form of tax evasion and fraud and has contributed to the tough situation we are currently faced with."@en1
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