Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-106-000"
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"en.20120418.4.3-106-000"2
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"Firstly, on the subject of Spain: it is indeed essential that the fiscal policy stance of Spain, as recommended by the Commission and the Eurogroup, strikes the right balance between the necessary consolidation of public finances and concerns about growth in the country.
We are currently reviewing the economic and fiscal policy figures and stance of the whole euro area. We will present our spring forecast on 11 May and, on that basis, will make proposals for the economic and fiscal policy stance of the whole euro area and individual countries. I can see that we need to have further differentiation among the countries, depending on the business cycle they are in and on the economic and growth conditions they are experiencing, but it is too early to say today because we do not yet have the figures from Eurostat upon which we will base the spring forecast that we will present in May.
As regards Greece, I would suggest that you attend the afternoon session at 3 p.m. when President Barroso will speak about Greece. We will adopt today, in our college meeting before 3 p.m., a communication on promoting growth and jobs in Greece, which is a very important document outlining ways and means in all policy areas and how we can enhance growth and job creation in Greece on the basis of the EU-IMF programme.
I would like to make one point concerning growth which is important because I know, Ms Berès, that you are very concerned about this – as all of you and all of us are. I should like, if I may, to use my extra minute in this context because, to my mind, it is quite important. This point refers to the possibilities of reinforcing the capital base of the European Investment Bank.
With the EIB, the EU has a very powerful institution and instrument of its own for supporting growth and employment, not least in troubled times. The EIB, with a lending capacity several times the size of the World Bank, has been playing a key role in tackling the crisis since 2008, but it is reaching the limits of what it can do with its current capital base. To allow the EIB to do more for growth and jobs, its capital needs to be addressed and its capital base needs to be increased. In our view, this should be done by its shareholders, in other words, by the EU Member States. For instance, a capital increase of EUR 10 billion would allow the EIB to lend approximately EUR 60 billion, which, in turn, would attract other financing sources for a total investment of EUR 180 billion for new projects of infrastructure, innovation and so on.
In addition to this, the Commission and the EIB are currently looking at possible options for using the EU budget to leverage the EIB Group financing capacity through risk sharing schemes, building on schemes already developed for research and innovation with project bonds for infrastructure as well as for small and medium-sized enterprises with the help of the Structural Funds.
So we are doing our part to look for innovative solutions to reinforce the lending capacity of the European Investment Bank. However, let me send a clear and constructive message to all EU Member States, which I trust Parliament can support. For the sake of sustainable growth and job creation, we need more European cross-border and Community investment in infrastructure, energy and transport and in innovation, research and communications, and I therefore call on the EU Member States to provide, without any delay, additional capital to the European Investment Bank. I ask for your support for this very important objective."@en1
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