Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-07-Speech-4-025-000"
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"en.20110407.3.4-025-000"2
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"Mr President, Mr Maystadt, Commissioner, ladies and gentlemen, first of all, I should like to congratulate Mr Cutaş for his excellent report.
The European Investment Bank needs to deliver more, better, faster results. The importance of its role in funding projects across all sectors of the economy in the interests of the European Union has been even further amplified by the economic crisis.
The crisis has made it difficult to access credit, and it has also highlighted the need for a thorough rethinking of our economic model. The EIB has a critical role to play. To fulfil this role, it must maintain a high level of solvency and a financial position strong enough to enable it to access funding in capital markets on favourable terms. It must also have instruments available to allow necessary projects to be undertaken which would otherwise gain no financial backing from commercial banks, and which would find it very difficult to obtain funding on favourable terms elsewhere.
The EIB achieved some positive results in 2009, when its activity increased by 40%, its funding for small and medium-sized enterprises increased by 55%, its funding for less-developed regions increased by 36%, and its funding aimed at combating climate change and promoting energy efficiency increased by 73%
However, there is much to be done and accomplishment of the European Union’s strategic objectives still requires sustainable, long-term funding. The availability of such funding has diminished as a result of the crisis.
We therefore need to promote Eurobonds. We need to introduce new instruments and new developments in the field of financial engineering, and we also need to create a common platform to include other international financial institutions. This must also be accompanied by an improvement in the EIB’s own governance and a review of its internal mandate. In short, the EIB should be a bridge effectively linking investment to the needs of the EU."@en1
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