Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-04-Speech-3-444-000"
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"en.20120704.28.3-444-000"2
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"Mr President, Commissioner, ladies and gentlemen, first of all, I should like to commend the extremely productive work of Mr Färm on this issue. Thanks to this work and cooperation with the Council under the Danish Presidency and now under the Cypriot Presidency, we can expect this initiative to enter into force this summer.
It should be supported for two main reasons. First of all, this innovative financial instrument is based on a smart use of resources that are known to be limited: the redeployment of existing budget lines, on the one hand, and leverage effects on other investments, on the other. Budgetary stability policies will only bear fruit if they are accompanied by measures for economic recovery. The bonds designed for financing projects (‘project bonds’) are targeted precisely at areas likely to create jobs, namely transport, energy and broadband infrastructures.
I further believe that the text which has emerged from the trilogue and on which we shall vote significantly improves the Commission’s proposals by defining the instrument more precisely, by strengthening the tools for its monitoring, by introducing regulatory changes if uptake is unsuccessful without discouraging the markets and by introducing the possibility of reusing interest and other revenue generated.
Finally, the opportunity to consolidate the trust account of the Loan Guarantee Facility for the trans-European transport network (TEN-T) (LGTT), the current loan guarantee instrument for transport infrastructures, with the ‘project bonds’ account enables better financial management.
Finally, Mr President, let me just say that we may be witnessing the beginning of what could be called a ‘semi-public financial economy’, between Europe, its institutions, and the European Investment Bank (EIB) as such with its expertise. This semi-public financial economy will aim to set up a genuine market for our projects and our tools in the next multiannual financial framework (MFF) as the mechanism for connecting Europe."@en1
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